INDEX-DIGEST FEDERAL RESERVE BULLETIN VOLUMES I-VI INCLUSIVE 1914-1920 INCLUSIVE COMPILED BY CHARLES S. HAMLIN Member of Federal Reserve Board WASHINGTON GOVERNMENT PRINTING OFFICE 1921 JjOb'lCliN ULjLLBGK g> CSESTSTiT HILL, f) STRitnysi or.euuer m I s f 34664 INDEX-DIGEST OF THE FEDERAL RESERVE BULLETIN. VOLUMES I TO VI, INCLUSIVE. 1914-1920, INCLUSIVE. [Figures in bold face denote volume number.] A. ABNORMAL CONDITIONS. In passing upon eligibility of renewal acceptances due consideration will be given to abnormal condi¬ tions abroad, but no renewal draft can be held to be eligible if, at the time of the acceptance, the period required for the conclusion of the transac¬ tion out of which the original draft was drawn shall have elapsed, 5—858. ABOLISH. The Federal Reserve Board has no power to abolish any of the existing Federal Reserve Banks or districts. Attorney General of United States, 1—396. General counsel, 2—20. Special counsel, J. P. Cotton, contra, 2—25. Nor to change the location of any Federal Re¬ serve Bank. Attorney General of the United States, 2—207. ABOLISHMENT. Of office of Comptroller of the Currency recommended by Federal Advisory Council, 1—394. Of office of deputy Federal Reserve agent, 3—101,109. Of United States subtreasuries, 3—110; 4—172. (The appropriation act of May 29, 1920, provides for abolishment of United States subtreasuries.) ABRASION OF GOLD COIN. Governors’ conference considers, 1—15. Use of coin-counting machines deprecated as causing, 3—440. ABROAD, PURCHASE OF SECURITIES. Ruling, Foreign Exchange Division, 4:—1217. ABSORPTION. Expense of transfer of currency by Federal Reserve Banks, 4—1093. (See Clearing system; Currency shipment.) Of new securities in United States, 5—1014. Of office of Comptroller of Currency into Federal Reserve Board, 1—394. ABSTRACT OF CONDITION. (See Condition Federal Reserve Banks; Condition member banks; Condition national banks; Condi¬ tion State banks, etc.) (See also Banks of issue.) ABSTRACT TITLE BUSINESS. National banks can not engage in any, not involved in transactions of the bank, 6—385. ABUSE OF ACCEPTANCES. Evasion of United States Revised Statutes, section 5200. 2—680, at 683; 5—256, 415, 530, 858; 6— 560, 1301. ACCEPTANCE BUSINESS. (See Acceptances.) ACCEPTANCE COMMITTEE. (See Acceptances.) ACCEPTANCE CORPORATION. (See Acceptances.) ACCEPTANCE CREDITS. (See Acceptances.) ACCEPTANCE HOUSE. (See Acceptances.) ACCEPTANCE LAWS. (See Acceptances.) ACCEPTANCE LIABILITIES. (See Acceptances.) ACCEPTANCE OF STATEMENTS. In lieu of certificates. Commercial paper, 1 —36. ACCEPTANCES. (Bankers’ acceptances, bills of ex¬ change, domestic acceptances, trade acceptances.) Abuse of, 2—680, at 683; 5—256, 415, 530, 858; 6— 560, 1301. Acceptance business, Condition of doing an, 1—362, 404. Acceptance committee. Meeting, New York, 5—530. Acceptance corporation— Acceptance of, if indorsed by a bank or banker takes same rate as a prime banker’s accept¬ ance. If not so indorsed, rate should be one- quarter per cent higher, 4—634. (See Union Discount Co., 4—930, 939.) Acceptance credits, 1 —269; 2 —587; 3 —5, 6, 28; 4— 257, 438, 976; 5—308, 309, 415; 6—66, 559. (See Revolving acceptance credits.) Acceptance house, 4—108, 634. Acceptance laws of States. (See State banks, etc.; Laws of States.) Acceptance liabilities, 2 —670; 3 —6, 350, 664; 4—11, 402, 855, 1114; 5—21, 105, 440, 513, 555, 561, 852, 1152; 6—158, 375, 686. (See Liabilities; National banks.) Acceptance policy, Federal Reserve Board, 4 —257. Accepting banks. Condition of, 5—555. Accepting institutions. Classes of. (See Discount and open-market operations.) Acceptor not affected by waiver of demand, notice, and protest by drawer and indorsers, 1—277; 2— 226. Acceptor different from drawee. Bill drawn on a land company but accepted by a bank is neither a banker’s nor a trade acceptance and can not be purchased by a Federal Reserve Bank under Regulation S, section 1, 2—112. 3 4 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. ACCEPTANCES—Continued. Acceptors. To qualify as bankers’, must carry on some general acceptance business, 1 — 362, 404. (See supra, Acceptance business.) Accommodation acceptances not representing a com¬ mercial transaction or debt are not paper “actu¬ ally owned” under U. S. Revised Statutes, sec. 6200, 2—680 ; 4—311. Act of March 3, 1915, permitted acceptances up to 100 per cent of paid in capital and surplus of accept¬ ing bank, with permission of Federal Reserve Board, 1 — 126. Act of September 7, 1916— Error in, omitting power to accept up to 100 per cent, corrected by act of June 21, 1917, 3— 100, 658. Banks obtaining consent of Federal Reserve Board prior to act of September 7, 1916, need not make new application under act of June 21, 1917, 3—658. Act of October 6, 1917. Trading with enemy. Ac¬ ceptance of a negotiable instrument held to be “trade” under, 3 — 851. Actual security, other, section 13.— Accepting bank, if acceptance is over 10 per cent etc., must have security during life of draft, 3—286; 5—143. Other actual security which may be taken in ex' change for release of shipping documents defined, 3—286, 881; 4—31, 634, 971; 5—143, 254, 364. Bank may release bill of lading as security for draft (in excess of 10 per cent) covering ship¬ ment from a corporation to its agent in exchange for drafts of agent against purchasers of same goods secured by the bill of lading, 6—468. Trade acceptance drawn on foreign buyer held to be valid security for a bank export accept¬ ance, in excess of 10 per cent limitation, although the bank surrendered the shipping documents to the foreign buyer on his ac¬ ceptance, 6—1065. (See infra, Domestic, security; Export and import; Trade acceptances.) Actually existing values— Acceptance— Bill discounted before, is not drawn in good faith against, unless secured, 3—195. Bill discounted after, is drawn in good faith against, only if drawn at time of or within a reasonable time after shipment or deliv¬ ery, in which latter case the goods or their proceeds must be in hands of drawee, 3—195, 287; 4—974; 5—254. Agent— Bill drawn by owner against his agent is not drawn in good faith against, 2—684; 4—33. (See infra, Guaranty.) Authority to guaranty. (See infra, Guaranty.) Balance on open account. Bill drawn against balanc-e on open account is not drawn against, 3—287. Bankers’ acceptances are not specifically men¬ tioned in section 13 but are held to be drawn against, by analogy with amendment to sec¬ tion 5200 in act of October 22, 1919, 5—1055. Borrower. Bank may loan to one, up to 10 per cent and also discount for same borrower bills drawn against, 3—287. ACCEPTANCES—Continued. Actually existing values—Continued. Demand or sight bills accepted on which drawer is released are not drawn against, 2—463; 5— 1055. Drawee. Bill drawn against a fictitious or dummy drawee is not drawn in good faith against, 2—608, 684. Drawer— Bill on which drawer and prior indorsers are released is not drawn against, 2—463; 5—1055. Bills on which drawer is exempted from lia¬ bility are not drawn against, 2—227. Dummy drawee. (See supra, Drawee.) Exception to the 10 per cent limitation. Bills drawn against, are the only exception to sec¬ tion 13, 2—274, 463, 608, 684; 4—974. Fictitious drawee. Bills drawn against a fictitious drawee are not drawn against, 2—608, 684. Open account. Bills drawn against balances on open account are not drawn against, 3—287. Reasonable time. (See supra, Acceptance.) Renewal bills are not drawn against, 3—287. Sales corporation. Bill drawn against sales cor¬ poration in which drawer owns stock if sales actually made in good faith are drawn against, 4—33. Section 13. The exception to the 10 per cent limitation, bills drawn in good faith against actually existing values, is in both section 13 and United States Revised Statutes, section 5200, 2—224, 274, 463, 608, 684 ; 4—974. Secured— Bill of cotton broker against a mill when se¬ cured by documents is drawn against, 2— 113. Secured bills are not necessarily drawn in good faith against, 2—329. Bills secured by shipping documents held to be drawn against, 5—1055. (See supra, Acceptance.) Shipment or delivery. (See supra, Acceptance.) Sight bills. Bill payable at sight but accepted payable in three months is not drawn against, 2— 463; 5—1055. Speculative purposes. Bill secured by ware¬ house receipts when the goods are held for speculative purposes is not drawn against, 3— 456; 5—256, 415, 858 ; 6—66, 277, 1301. United States Government— Bill drawn to finance sale of lumber to, is not drawn against, 4—32. (See Ten per cent limitation.) Actually owned. Commercial or business paper— Acceptances actually owned by person offering them are not subject to section 5200, 2—678, 680, 684. Acceptances discounted by accepting bank are not paper actually owned and are subject to limitations of section 5200, 2—680. (See infra, Own acceptance.) Accommodation acceptances are not paper actu¬ ally owned and are subject to section 5200, 2—680, at 684. Renewal paper is not paper actually owned and is subject to section 5200, 3—287. Section 13 does not contain exception as to paper actually owned, 2—224, 274; 3—195. INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. 5 ACCEPTANCES—Continued. Actually owned—Continued. Secured notes are not necessarily. 2—329. Trade acceptances discounted for drawee and not for bona fide holder are not paper actually ow r ned and are subject to section 5200, 4—863. Addresses on— Frederick, I-., 5—21. Harding, Gov., 2—587; 4—595, 602; 5—105. Harris, B. I)., 3—245. Tregoe, J. H., 4—1193. Treman, Deputy Gov., 3—9, 243. Warburg, P. M., 1—132, 352; 2—102, 309, 510, 669; 4—509, 604; 5—16. Wills, D. C., Federal Reserve Agent, 3—243. Wilson, R. R., 4—713. Advertising space. Acceptances based on contract for, are valid trade acceptances, 3—114, 116. (See Advertising.) Agent— Bill drawn by an agent against his corporation is not eligible for purchase, 2—462. Bill of owner against agent secured by warehouse receipts is not drawn against actually exist¬ ing values, 2—684. Bill drawn by a corporation against its agent representing a shipment of goods, may be accepted by a bank although no sale is in¬ volved. Its maturity, however, should approximate the duration of the transit, 3—690. Alaska— Federal Reserve Banks may discount acceptances based on shipments between Alaska and any foreign country and between Alaska and Porto Rico, the Philippines, or the Canal Zone, but not between Alaska and Hawaii, 1—91. Shipments from Alaska to foreign countries are not subject to stamp tax, even though ac¬ cepted or delivered or both within the United States, 5—467. Shipments from Alaska to the Canal Zone, Porto Rico, the Philippines, and the Virgin Islands are not considered shipments to foreign countries but are specifically exempted from stamp tax, 5—467. Alien Property Custodian. ( See infra, Ally of enemy.) Allied Purchasing Committee- Member banks may accept drafts drawn to finance sales to, although the title passes before the export shipment begins. If secured, such bills would be valid domestic bills if involv¬ ing a domestic shipment, 3—878. (See infra, Export and import.) Allies. (See infra, Export and import.) Allowance for loss of interest in collection of accept¬ ances, 4—521. Ally of enemy— Drafts can be drawn, accepted, or transferred on funds to credit of an enemy or, only under licenses from Bureau of Enemy Trade, 4—11. Such drafts may be paid when accepted on or be¬ fore December 14,1917, but the proceeds must be held subject to the disposition of the Alien Property Custodian, 4—11. Amendment. United States Revised Statutes, sec¬ tions 5200, 5202, 5—704, 730, 965, 1055. ACCEPTANCES—Continued. American Acceptance Council— Formation and purposes of, 5—114. (See same.) Arrival of car. (See Drafts.) Attached to bill— Not required, under section 13, that documents be physically. It is sufficient if the accept¬ ing bank has possession at time of acceptance, 3—765. Shipping documents must be attached at time of acceptance to render a domestic acceptance eligible, 5—468, 471. (See infra, Domestic acceptances; Security. Automobiles and tires. (See infra, Bills of lading drafts; Eligible; Warehouse receipts.) Availability of proceeds of acceptances collected by Federal Reserve Banks, 5—245. Average rates. (See Discount and open market oper¬ ations.) Bank acceptances. (See supra, Acceptance liabili¬ ties.) Bankers’ acceptances— Accepted. Must be accepted to be eligible as, 2 — 112 . Acceptor. Bankers’— Must be regularly engaged in some form of banking to qualify as, 1—362. Not simply using its acceptance to finance its own transactions, 1—404. Cash items. Should be handled as, 4—372. Chart, Federal Reserve Banks, 1—234. Cotton factors paper. Held to be ineligible for acceptance under section 13, 5—1054; 6— 162, 1176. (See Cotton factor.) Drawn against actually existing values. (See supra, Actually existing values.) Drawn to purchase goods, secured by bill of sale are not eligible for purchase under Regula¬ tion B, 1916, 2—684. (See Purchase.) Federal Advisory Council. Recommendations, 5—200. Liabilities. (See supra, Acceptance liabilities.) Regulation B, 1916, 2—684. Regulation B, 1920, 6—1181. Regulation S, 1915, 1—434. Report, Federal Reserve Agents, 3—6. (See infra, Actually existing values; Bankers’ acceptances; Bill of lading; Discount and open-market operations; Domestic; Export and import; Security.) Bankers’ foreign trade acceptances. (See Discount and open-market operations.) Based on live stock, section 13— Agricultural bills and notes need, not be secured. Must simply be based on transactions entered into for the purposes of agricultural opera¬ tions, 1—72. Bills or notes of packing companies, the proceeds of which are used for the purchase of live stock for immediate slaughter are not, and are ineligible for rediscount if maturity ex¬ ceeds 90 days, 3—616. Belgian industrial credit, 5—309. (See supra, Acceptance credits.) 6 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. ACCEPTANCES—Continued. Bill of exchange— Regulations, 1920, 6—1179, 1181, 1182. (See supra, Actual security; Actually existing values.) (See infra, Bills of exchange; Purchase.) Bill of lading act, uniform, 2 —515. Bill of lading drafts— Automobiles or tires in process of shipment, eli¬ gible if otherwise complying with the law and regulations, 6—65, 66. Collection of. Method of handling for, 3—11.4; 4—436. Correspondent bank may hold bill of lading for the accepting bank, 3—765; 4—971. Drafts, section 13. Bill of lading drafts on other than banks are not “drafts” under section 13, and can be received by Federal Reserve Banks only for collection and credit when paid, 6—948. Eligible— Draft of a purchaser on a bank with bill of lading attached is not connected with a domestic shipment but may be merely a straight loan not necessarily commercial and is not, 3—380; 6—65, 1301. (See Purchase.) Draft secured by warehouse receipt covering automobiles or tires is not eligible for acceptance as they are not readily mar¬ ketable staples under section 13, 6—65. Draft with bill of lading attached covering automobiles or tires in process of ship¬ ment is eligible if otherwise complying with the lavi and the regulations, 6— 65, 66. (See Automobiles.) Draft of an importer on a bank covering im¬ ported goods is eligible whether or not the bill of lading is attached, 6—162. Draft of a purchaser of cotton seed oil on a bank secured by bill of lading is not eligible as it is not clear that the pro¬ ceeds are to be used to pay for the oil, 6—1301. (See Purchase.) Indorsement— With exemption from liability for genuine¬ ness, quantity or quality does not affect negotiability. In any event settled by negotiable instruments act, 3—457. Must convey title to accepting bank, 4—198. Inspection of goods. Right of, may be reserved without impairing negotiability, 5—472. Renewals. Renewal of drafts secured by bill of lading can not be made unless renewal acceptance complies with the law and regu¬ lations applicable to original acceptance, 6—65, 66. Surrender of— Bank accepting a domestic bill secured by bill of lading may surrender the bill of lading after acceptance if draft is not in excess of the 10 per cent limitation, 4— 634. If in excess of 10 per cent limitation, sur¬ render of bill of lading may be made only on substitution of other actual security, 5— 468. ACCEPTANCES—Continued. Bill of sale. A bank acceptance secured by a, of stock, the proceeds to be used for purchase of goods, is not eligible for purchase as a, is not security under section 13, 2—684. (See Purchase.) Bills of exchange. Regulations 1920, 6—1179, 1181, 1182. (See Bills of exchange; practice of handling. Prin¬ cipal heading.) Borrowed monev. Acceptances do not constitute, 2—64, 678, 680. (See infra, Own acceptances.! Borrower. (See Borrower; Ten per cent limitation.) Boston Clearing House. Acceptances may be cleared through, 4—819, at 820. Bureau of enemy trade. (See supra, Ally of enemy.) Cable transfers are eligible for purchase, 1—360, 365. Call loans based on acceptances, 4—805. Canal Zone— Federal Reserve Banks may discount accept¬ ances based on shipments between the con¬ tinental United States and the, 1—91. Shipments from territorial United States to the Canal Zone are not considered shipments to foreign countries and are subject to stamp tax, 5—467. Cash items. Bankers' acceptances should be handled as, 4—371 at 372- Charts— Acceptances held. 3—56. Bankers’ acceptances held, 1—234. Purchases of acceptances^ 5—66. Chattel mortgagee. (See infra, Security.) Chicago Clearing House. Acceptances may be cleared through, 4—819. Circular on acceptances. Federal Reserve Agents to prepare, 5—415. Circulars. (See Circulars and regulations.) Classes of accepting institutions. (See Discount and open-market operations.) Clayton Antitrust Act. Open-market purchases not a test of substantial competition under, 3—878. Clean drafts. (See infra, Export and import.) Clearance of bankers’ acceptances. (See Boston Clear¬ ing House; Chicago Clearing House; New York Clearing House; Philadelphia Clearing House.) Collateral. (See infra, Security.) Collateral notes. Draft seemed by, in turn secured by chattel mortgage on cattle, held not eligible unless draft itself is eligible, 3—690. Collection charges. Bill payable with, not eligible unless so drawn as to show that charges accrue only if bill is dishonored at maturity, 3—880; 4—745. Collection of banker’s acceptance— Should be paid by check on Federal Reserve Bank or through clearing house; otherwise interest for one day should be added, 4 —521. By Federal Reserve Bank of New York, 5-245. Uniform schedule, all Federal Reserve Banks, 5—246. Collection of notes. Charges may be made against Federal Reserve Banks by member banks for col¬ lection of notes and bills drawn on other than banks, 6—699. (See Exchange charges.) INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. 7 ACCEPTANCES— Continued. Collector of Customs, 4—520. ( See Transit entry and warehouse receipt.) Commercial paper. When acceptances are classed as. (See infra, Own acceptances, purchase of.) Commercial paper actually owned. ( See supra, Actu¬ ally owned.) Commercial rates on. ( See Federal Reserve Bank and branch cities.) Committee on. Meeting at New York, 5—530. Commodity paper eligible for purchase only if two- name paper, 1—406. Condition of accepting banks, 5—555. (See Condition.) Conditional acceptance— Bill drawn payable at sight but accepted payable in three months is a, and drawer and prior indorsers are released, 2—463; 5—564. Conditional acceptances are not drawn in good faith against actually existing values under United States Revised Statutes, section 5200, 2—463, at 464. Conference of Federal Reserve Board and bankers on acceptance credits, 6—559. Construction of phrases— Attached to bill, 3—765. Based on live stock, 1—72; 3—616. Drafts. Section 13, 6—66, 162, 267, 386, 610, 835, 948. Gold coin and bars, 3—29. Growing out of exportation, 3—28. Labor, 5—565. Other actual security, 3—881; 5—468. (See infra, Domestic; Security.) Contingent liability— On sales of bankers’ acceptances and rediscounts between Federal Reserve Banks. (See Discount and open market-operations; Re¬ sources and liabilities.) (See infra, Guaranty.) Continental United States— Federal Reserve Banks may discount acceptances based on shipments between the, and Porto Rico, the Philippines, or the Canal Zone, but not between, and Hawaii or between any two parts of the, 1—91. Drafts against shipments from, to foreign countries are not subject to stamp tax, 5—467. Drafts against shipments to Porto Rico, the Virgin Islands, and the Philippines are spe¬ cifically exempt from stamp tax although those countries are not considered foreign, 5—467. Contract for renewal— Invalid, 1—126; 6—277. (See infra, Renewal.) Correspondent, Foreign. (See infra, Guaranty.) Cotton. Financing of, by acceptances, 2—12, 458; 3—193; 4—691, 713. Cotton factor— Draft of, on a bank secured by warehouse receipt for cotton consigned for sale is not eligible for acceptance or for discount, 5—1054; 6—162, 1176. (See Cotton: Valorization.) ACCEPTANCES—Continued. Credit, Belgium industrial, 5—309. (See supra, Acceptance credits.) Credits— Acceptance credits— Term of, should not, as a rule, exceed one year, 4—257. (See supra, Acceptance credits.) (See Opinions of counsel.) European. (See Allied powers.) Limitations on, 1—269. Revolving acceptance credits. (See infra, Same.) Syndicate acceptance credits. (See infra, Re¬ volving acceptance credits.) Decrease in, 5—5. Demand bills— Must be presented for pavment within a reason¬ able time, 3—31; 4—109, 1119. Become due on date on which presented for acceptance, 3—31; 4—109, 1119. If holder presents for acceptance instead of pay¬ ment the drawer and indorsers would prob¬ ably be released, 3—31; 4—109, 1119. If held for more than a reasonable time after acceptance they are classed as overdue paper and in substance as promissory notes of acceptor, subject to United States Revised Statutes, section 5200, 3—31; 4—109, 1119. Development of. (See infra, Growth.) Differential rates— In favor of member bank acceptances, 3—28. Against acceptances of acceptance corporations not indorsed by a bank or banker, 4—634. Direct liability. (See infra, Guaranty.) Discount and open-market operations. (See same.) Discount corporation, New York, 5—114. Discount market— American Acceptance Council and New York Discount Corporation organized to develop, 5—114. Discussion of, 4—1054. Discount of— Acceptances indorsed by member banks of other Federal Reserve districts, 1—98. Before acceptance. Take commercial paper rate, 1—268. National banks have had power to discount accept¬ ances since 1864, 2—680, at 683. (See infra, Regulation A, 1920.) Renewal acceptances. (See infra, Renewal.) (See infra, Domestic; Discount.) (See also Discount and open-market operations.) Discount rates. (See same.) Distribution. (See Discount and open-market opera¬ tions.) Documentary draft. (See infra, Refinance drafts.) Dollar exchange— Application to accept granted, 2—665; 3—658; 4—938; 6—1175. Applications granted for one country carries permission for other countries subsequently authorized, 4—1119. Applications granted only when usages of trade in foreign countries require and not because dollar exchange is at a premium, 6—835. 8 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. ACCEPTANCES —Continued. Dollar exchange—Continued. Appreciation of dollar cuts down our exports, 5— 1011 . Development of, 1—53, 312. Discount of, in Spain. Explanation, 4—158, 394, 1038,1039. Drafts to produce, are eligible for purchase, 2—6G5. European countries. Rates in, 3—156, 582, 683. Federal Advisory Council suggests that privilege may later have to be extended to other coun¬ tries, 4—1177. Federal Reserve Banks may purchase, drafts in open market, 2—665. Federal Reserve Board. Stabilization of, in Spain, 4—158, 394; 5—1038, 1039. Fifty per cent limitation, section 13, is separate and distinct from similar limitation on do¬ mestic acceptances, 3—528. List of countries permitted to draw. ( See supra, Applications.) Premium. ( See supra, Appreciation.) Purchase of— (,See supra, Federal Reserve Banks.) (See Discount and open-market operations.) Spain, depreciation of. (See supra, Discount; Federal Reserve Board.) Regulations— B and C, 1916, 2—534, 665, 666. C, 1917, 3—542. New, under preparation, 4—1119. C, 1920, 6—1182. Domestic acceptances— Abuse of, 2—680 at 683; 5—256, 415, 858; 6—560, 1301. Agent. Bank acceptance against shipment by a corporation to its agent held valid although no sale involved, 3—690. Amendment suggested permitting—• American Bankers Association, 2—6. Federal Reserve Board, 2—323. Capital. Drafts drawn for purpose of adding to working capital are not eligible, 6—1301. Cotton factor. Draft of a cotton factor on a bank secured by warehouse receipt for cotton con¬ signed for sale is not eligible for acceptance or for discount, 5—1054; 6—162, 1176. Device. Drafts must not be used as a device to finance the carrying of goods throughout the process of manufacture into finished products, 6—66, 1301. Discount— Federal Reserve Banks not encouraged to discount, when security has been re¬ leased, 5—254, at 256. Draft secured by Canadian warehouse receipt is eligible for acceptance and discount but not for purchase under present regulations, 5—740. Discount market. Necessity for developing, 4— 259. Eligible— Refiner of oil draws on bank with bill of lading attached; held not eligible as may be pure finance paper, 6—1301. (See Finance paper.) (See supra, Discount.) ACCEPTANCES—Continued. Domestic acceptances—Continued. Evasion of section 5200— (See infra, Speculative purposes.) (See supra, Abuse of.) Export acceptances. Care should be taken where dealer uses both domestic and, 4—314, 438. Farm loan bonds. Federal Advisory Council opposes Hollis bill making farm loan bonds valid security for acceptances, 1—395. Finishing acceptances. Domestic acceptances must not be used as a device for carrying goods through the process of manufacture into finished products, 6—66. Holdings of. (See Discount and open market operations.) Import acceptances changed in good faith into domestic acceptances are not ultra vires, 2— 12, 13. Limitations— Ten per cent limitation on unsecured ac¬ ceptances is distinct from the 10 per cent limitation of United States Revised Statutes, section 5200, 3—286. The domestic acceptance limitation of 50 per cent is independent of the 50 per cent limitation on dollar exchange accept¬ ances, 3—528. General statement as to all limitations on acceptances, 5—254. All domestic acceptances are subject to the 50 per cent limitation of section 13, 4—• 1119. (See Ten per cent limitation.) Maturity of drafts drawn on security of bills of lading should have relation to time involved in the domestic shipment, 6—1301. Mississippi authorizes secured domestic accept¬ ances, 6—701. National banks can not appoint agents to accept and pay drafts, 6—835. (See supra, Discount.) Purchase of— Drafts secured by Canadian warehouse re¬ ceipts are eligible for acceptance and dis¬ count but not eligible for, under regula¬ tions, 5—740. Not encouraged when security has been re¬ leased, 5—254. Purchaser. Bill drawn on bank by, not eligible merely because secured by bill of lading, 2— 684; 3—380; 6—65, 66, 1301. Rates— Domestic bankers’ acceptances are included in general, on bankers acceptances, 2— 111 . (See Discount rates.) Readily marketable staples. Drafts secured by warehouse receipts covering automobiles or tires are not eligible for acceptance by mem¬ ber banks as they are not secured by, 6—65. Regulations— Circular 1916, 2 —15. C, 1917, 3—542. A, 1920, 6—1179. B, 1920, 6—1181. C, 1920, 6—1182. INDEX-DIGEST OF FEDERAL, RESERVE BULLETIN. 9 ACCEPTANCES—Continued. Domestic acceptances—Continued. Renewals— Of import acceptances, after importation, become domestic acceptances for which security is necessary, 3—30. Drafts secured by warehouse receipts should not be accepted subject to, 6—276, 277. Security- Accommodation acceptance. A bank ac¬ ceptance with agreement purporting to assign security but mentioning no spe¬ cific security is an accommodation acceptance and is not valid, 4—311. Acceptance, time of— All domestic acceptances must be secured at time of acceptance, 3— 286, 878; 4—435 ; 5—143, 254. The accepting bank must have possession of the security at time of acceptance but it may be held for it by its agent, 3—765,767; 4—971; 5-471. Bill of lading— (See supra, Maturity; Purchaser.) (See infra, Release.) Bills of sale. A banker’s acceptance drawn to finance purchase of goods, secured by bills of sale, is not eligible for purchase, 2—684. Canadian warehouse receipt. (See supra, Purchase.) Chattel mortgage on cattle not valid security, 4—309, 437, 871. Domestic shipment. Banks may accept drafts involving, when secured, 3—878; 4—435 ; 5—254. Export bills require security just as domestic bills if proceeds are to be used for other purposes than payment of the accept¬ ance, 4—439. Food Administration. Banks may accept drafts of, secured by notation on draft by a trustee holding warehouse receipts, identifying it as a draft secured by the grain stored, 4—976. Importation. An acceptance given after importation is a domestic acceptance requiring security, 3—30. Purchaser. Bill drawn by, of goods not eligible merely because secured by bill of lading, 3—380; 6—65, 66, 1301. Real estate mortgage. An eligible bill is not rendered ineligible merely because se¬ cured by a, 3—458. Release of security— The release of security on a draft exceed¬ ing the 10 per cent limitation violates section 13 unless some other actual security is substituted, 3—286; 5— 143, 362, 364, 468. Federal Reserve Banks not encouraged to discount domestic acceptances on which security has been released, 5—524. (See infra, Ten per cent limitation.) Shipping documents— Banks may accept drafts involving do¬ mestic shipments when secured by, 3—878; 4-435; 5—254. ACCEPTANCES—Continued. Domestic acceptances—Continued. Security—Continued. Shipping documents—Continued. Must be attached at time of acceptance, 5-468, 471. (See supra, Attached to bill.) Must be made out or indorsed so as to convey or secure title to the accept¬ ing bank, 4 — 198. Statement. General statement as to security for domestic acceptances, 5—254. Ten per cent limitation, section 13— Is distinct from 10 per cent limitation of United States Revised Statutes, sec¬ tion 5200, 3—286. Drafts in excess of— All acceptances must be secured throughout life of draft, 3—286; 5—143, 254, 362, 364, 468. Security may be released after ac¬ ceptance on substitution of— A trust receipt provided owner has no control, 3—286, 881; 5—143,253, 254. A warehouse receipt provided the warehouse is independ¬ ent of the borrower, 3—30, 286, 881; 4—31, 634, 971; 5—254. (See infra, Warehouse receipts.) Bank accepting in transaction in¬ volving shipment from corpora¬ tion to its agent, secured by bill of lading, may, after acceptance, release the bill of lading on sub¬ stitution of drafts drawn by agent on purchasers of the goods secured by bills of lading cover¬ ing the same goods, 5—468. Bank accepting an export draft may take as security a trade accept¬ ance drawn by drawer on a for- r eign purchaser to whom the shipping documents have been surrendered on acceptance, 6— 1065. Drafts not in excess of— Must be secured at time of accept¬ ance, 3—878; 4—435; 5—254, 471. Shipping documents may be re¬ leased— After acceptance, 4—634; 5— 254. On substitution of a trust re¬ ceipt, 5—143, 254. (See infra, Trust receipt.) Warehouse receipt may be released after acceptance, 4— 634; 5—254. As matter of policy, should not be done, 4—634. Federal Reserve Banks not en¬ couraged to discount drafts on which security has been released, 5—254. 10 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. ACCEPTANCES—Continued. Domestic acceptances—Continued. Security—Continued. Ten per cent limitation—Continued. Drafts not in excess of—Continued. Warehouse receipt—Continued. Bank which has accepted not in excess of 10 per cent limita¬ tion may give further ac¬ ceptances if secured, al¬ though security for first ac¬ ceptance has been released and acceptance not yet liquidated, 5—364. Transit entry and warehouse receipt held to be a valid security, 4—520. Trust receipts. Security may be released after acceptance on substitution of, pro¬ vided borrower has no control, 3—286, 881; &— 143, 254. Unsecured drafts— Bill drawn against a nonmember trust company before actual sale can not comply with Regulation S as to se¬ curity, and is not eligible, 2—65. Violation of section 13 to accept, exceed¬ ing 10 per cent limitation, even with guaranty of customer, 5—143. Warehouse receipts— If not in excess of 10 per cent limitation, may be released after acceptance, 4—634. As a matter of policy, should not be released, 4 —634. Receipt of custodian of wool held to be equivalent to a, 4—636. Federal Reserve Banks not encouraged to discount acceptances in which the security has been released, 5—254. If in excess of the 10 per cent limitation, security may be released after ac¬ ceptance on substitution of, provided warehouse is independent of bor¬ rower, 3—30, 286, 881; 4—31, 634, 862, 971; 5—254. Drafts secured by, for carrying goods for speculation purposes, are in evasion of section 5200 and not eligible for acceptance, 6—858. (See Speculation.) United States Revised Statutes, section 5200— Acceptances— Accommodation acceptances not growing out of commercial transactions and not representing a debt from drawee to drawer are subject to 10 per cent limitation of, 2—680. Does not apply to, unless drawer fails to cover at or before maturity, 2—64, 463, 680, 684; 3—696; 4—197. Purchaser by a bank of its own accept¬ ances become subject to, 2—397, 680; 3—28, 193, 691; 4—197. Subsequent rediscount would revive the acceptance, free from, 3—28, 193, 691; 4—197. ( See infra, Own acceptances.) ( See Ten per cent limitation; United States Revised Statutes, section 5200.) ACCEPTANCES—Continued. Domestic acceptances—Continued. United States Revised Statutes—Continued. Demand and sight drafts—held for more than a reasonable time after acceptance be¬ come, in effect, promissory notes of acceptor, subject to, 3—31; 4—109,1119. Section 13. Ten per cent limitation on ac¬ ceptances under section 13 is distinct from, 3—286; 4—197. Speculative purposes. A draft secured by a warehouse receipt for goods carried for speculative purposes is an evasion of, 5—858. (See Ten per cent limitation, United States Revised Statutes, section 5200.) United States Revised Statutes, section 5202. An acceptance by the foreign correspondent of a national bank under the guaranty of the national bank could be treated as money borrowed subject to limitation of, 4—311. Warehouse receipts— Cotton factors draft on a bank, secured by a warehouse receipt covering cotton con¬ signed for sale is not eligible for accept¬ ance or discount, 5—1054; 6—162,1176. Difference between bills of sale and, as se¬ curity, 2—684. Discount of drafts on which, have been re¬ leased discouraged, 5—254. Drafts secured by Canadian, are eligible for acceptance and discount but not for pur¬ chase under existing regulations, 5—740. Drafts secured by, covering automobiles and tires are not eligible as not being covered by readily marketable staples, 6—65. Drafts secured by, not eligible for accept¬ ance unless goods are stored pending a reasonably immediate sale, shipment, or distribution, 5—858 ; 6—66, 277. Drafts secured by, when goods are being car¬ ried for speculative purposes, are not eligible for acceptance, 5—858; 6—66, 277. Drafts secured by, are not subject to renewals, 6—276. Receipt of custodian of wool may be treated as a warehouse receipt, if the borrower has no control, 4—636. Renewal. Drafts secured by warehouse re¬ ceipts are not subject to renewal, 6—276. Warehouse must be independent of borrower, 3—30, 286; 4—31, 636, 832 ; 6—682. Whisky in bond— Warehouse receipts for, are valid security for a note, but not for a banker’s acceptance as it is not a readily marketable staple under section 13, 6—494. (See supra, Security.) (See supra, Ten per cent limitation.) (See Warehouse receipts.) Domicile bills. Drafts drawn by American exporters on foreign buyers, accepted payable in United States in dollars, may be eligible, technically, but Federal Reserve Banks may decline to dis¬ count them as not desirable investments, 6 —3S5, 386. INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. 11 ACCEPTANCES—Continued. Drafts— Acceptances of banks are “drafts” under section 13 and no exchange charges can be deducted for collection, 6—162, 699. Bill of lading drafts— On other than banks are not “drafts” under section 13 and can be received only for collection and credit when paid. The prohibition against deducting exchange charges does not apply to them, 2—264; 6—948, 999. Bight of inspection of goods before accepting reserved in, does not affect negotiability, 5—472. ( See supra, Bills of lading.) Cotton factors drafts. ( See supra, Cotton factors.) Exchange charges on— (See supra, Bill of lading drafts.) (See infra, Exchange charges.) Finance drafts— (See supra, Dollar exchange; Domestic.) (See infra, Finance drafts; Refinance drafts.) (See also Finance paper, principal heading.) Foreign buyer. Draft on a bank secured by a documentary draft on a foreign buyer, drawn by same drawer, is eligible for acceptance, 6—610, 1065. Payable. (See same.) Railroad administration, 5 —307. (See same.) Right of inspection. (See supra, Bill of lading drafts.) Sight drafts. (See same.) Transit entry and warehouse receipt. Drafts drawn against may be accepted if properly assigned, 4—520. (See supra, bill of lading; Dollar exchange; Do¬ mestic.) (See infra, Renewal; Warehouse receipts.) (See also Drafts, principal heading.) Drawn in good faith. (See supra, Actually existing values.) Dummy drawee. Bill drawn against a, is not drawn against actually existing values, 2—608, 684. Earnings on, by Federal Reserve Banks. (See Dis¬ count and open-market operations.) Eligible— Bankers’ acceptances to be, must be accepted, 2 — 212 . Paper of concerns not regularly engaged in some form of banking business is not, as a banker’s acceptance, 1—362, 404. (See supra, Actually existing value; Bill of lading; Domestic; Drafts.) (See infra, Payable; Security; Warehouse re¬ ceipts.) (See also Drafts; Eligible; Security; Warehouse receipts.) Enemy. (See supra, Ally of enemy.) European banks, 6—375. (See supra, Acceptance liabilities.) Evasion of United States Revised Statutes, section 5200, 2—680 at 683; 5—256, 415, 858. Exchange charges—■ Member bank can not deduct, in accounting to the Federal Reserve Bank for its own accept¬ ances forwarded to it, for collection by the Federal Reserve Bank, 6—-162. ACCEPTANCES—Continued. Exchange charges—Continued. Member bank can make no charge against Federal Reserve Bank for collection of acceptances, as acceptances are drafts under section 13, 6—699. (See supra, Drafts; Acceptances; Bill of lading.) (See Exchange charges.) Export and import transactions— Allied Purchasing Committees. Drafts drawn against sale of packing-house products to, must be secured as domestic acceptances unless drawer has contract for export, 4—435, 438. Clean draft of an exporter in Chile can not be accepted unless m connection with a con¬ tract of sale or an actual shipment, 3—378. Construction as to what constitutes. Opinion of counsel, 1—91, 268, 276, 404, 405. Contract for exportation. There must be an ac¬ tual. Mere intention to export will not suffice, 6—-65, 66. Dealers in both export and domestic transactions. Banks must see that proceeds are to be used in export transactions, and that drafts will be paid out of proceeds of sale of export goods, 4—314, 438. Delay in shipment. Temporary, will not invali¬ date, 2—458. Domestic. Cotton export shipments changed later in good faith into, shipments are not ultra vires, 2—12. Domestic concerns—- Can not extend credits on open account to foreign purchasers by means of export acceptances, 5—254. Drafts of American manufacturers to finance purchases of goods from American im¬ porters are not eligible as import accept¬ ances, 6—162. Import acceptance. Bill against bank secured by import acceptance not eligible as, 3—28. Importers. Drafts of, on banks covering imported goods are eligible, whether or not bill of lading attached and whether or not the goods have been shipped at time of drawing draft, 6—162. Intention. Mere, to export not sufficient, 6—65, 66 . Member banks may accept drafts drawn to finance exports although title has passed before ship¬ ment. If secured, and involving a domestic shipment, would also be a valid domestic acceptance, 3—878. National banks can not accept drafts secured by an export or import acceptance as the draft does not. necessarily involve an export or import acceptance, 3—28. Renewal of acceptance originally based on an importation must be secured as it becomes a domestic acceptance, 3—30. Revolving acceptance credit— Under which drawer agrees to produce or purchase goods and assign them as se¬ curity for the acceptance or any renewals thereof, held not a valid import accept¬ ance, 4 -976. (See Opinions of counsel.) (See infra, Revolving acceptance credits.) L2 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. ACCEPTANCES — Continued. Export and import transactions — Continued. Sale. If proceeds are to be used to finance an export transaction, it is not material whether or not the goods have been sold at time of acceptance, 3 — 527. Security — Drafts not in excess of the 10 per cent limi¬ tation. No security necessary provided proceeds are to be used to liquidate the acceptance; if not so used, security is required as in a domestic acceptance, 4 — 435, 438, 439; 5—143. Drafts in excess of the 10 per cent limitation — Must be secured during life of draft, 3 — 286; 5—143, 254, 362, 364, 468. Security may be released aftei accept¬ ance on substitution of a trust re¬ ceipt, providing owner has no con¬ trol, 3—286, 881; 5—143, 254. Or on substitution of a warehouse receipt, providing warehouse is independent of borrower, 3 — 30, 286, 881; 4 — 31, 634, 971, 972; 5—254. Export bills — Require security when use of proceeds is for purposes other than payment of acceptance, 4 — 439. Trade acceptance drawn on foreign buyer secured by shipping documents held to be valid security for an, drawn on a bank, although bank has surren¬ dered shipping documents to foreign buyer on his acceptance, 6 — 1065. Import bill. Bill drawn on a bank secured by an, held not eligible as an import bill, 3—28. Shipment. There must be a bona fide contract for, within a reasonable, specified time, to constitute a valid export or import bill, 4 — 976. Farm loan bonds. Federal Advisory Council opposes Hollis bill making, valid security for bills and notes, 1 — 394. Federal Advisory Council favors additional acceptance power, 3—106; 4—1175, 1177. (See supra, Farm loan bonds.) Federal Reserve Act, section 13 — Amendments suggested by Federal Reserve Board, 2—323. Limitations of, how differing from United States Revised Statutes, section 5200, 3 — 286. (See supra, Domestic; United States Revised Statutes, section 5200.) (See Ten per cent limitations.) Federal Reserve Agents — Report on acceptances, 3—6. To prepare circular on, 5 — 415. (See Federal Reserve Agents.) Federal Reserve Banks— Availability of proceeds of collected acceptances, 5—245. Discount. May discount acceptances bearing in¬ dorsement of member banks of other Federal Reserve districts. 1—98. Hold 60 per cent of total acceptances, 5—105. Holdings of acceptances— Comparison 1914 and 1919, 5—771. (See Discount and open-market operations.) ACCEPTANCES—Continued. Federal Reserve Banks—Continued. Purchase and sales of acceptances between Federal Reserv e Banks. (See Rediscounts.) Report on acceptances held by, 5—105. (See Federal Reserve Banks.) Federal Reserve Board— Acceptance credits. Foreign, 2—587. Acceptance policy, 4—257; 5—309, 858. Purchase of own acceptances. Policy as to. (See infra, Own acceptances.) Renewal acceptances. (See infra, Renewal ac¬ ceptances.) Section 14. What purchases can be made under, 1—360. Syndicate acceptance credits, 4—257. (-See infra, Revolving credit acceptances.) (See Federal Reserve Board.) Fictitious drawee. Bill drawn against a, is not drawn in good faith against actually existing values, 2— 608, 684. Fifty per cent. No authority from Federal Reserve Board is necessary to accept up to, 1—126. Finance drafts. (-See Finance paper. Principal head¬ ing-) Financial condition, Statement of. Indorsing bank or banker must give a satisfactory, where bill is drawn in a foreign country, and such statement can not be obtained from the drawer or acceptor, 2 — 111 . Food Administration, Grain Corporation. (See supra, Domestic; Security.) Food products. Financing of, by acceptances, 4—255. Foreign bills— Federal Reserve Banks should be cautious as to buying, 1—360. Bills payable abroad are not eligible for purchase under Regulations A and B, 1917, but may be purchased under Special Instructions 2, 1916, 4—520. Drafts drawn abroad, payable in United States in dollars, secured by a Canadian warehouse receipt is eligible for acceptance, and after acceptance, for discount, but is not eligible for purchase under present regulations, 5—740 Foreign buyer. An export draft on a bank secured by a documentary draft drawn by same drawer on a foreign buyer is eligible for acceptance, 6—610. Foreign correspondent. (See infra, Guaranty; Na¬ tional bank.) Foreign seller. Draft by importer for purpose of pay¬ ing, is eligible whether or not secured by bill of lading and whether or not the goods had been shipped at time of drawing the draft, 6—162. Foreign trade. Eligibility of acceptances in. (See supra, Export and import.) Foreign trade acceptances, Bankers’. (See Discount and open-market operations.) Form for trade acceptances, 3—378; 4—636; 5—142. Forward rates, 1—97, 98. Frederick, L. Bankers’ acceptance liabilities, Lon¬ don and New York, 5—21. Gold bars and coin. Bills to finance shipment of, are eligible for purchase as they are “goods” under section 13, 3—29. Good faith, drawn in. (See supra, Actually existing values.) INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. 13 ACCEPTANCES—Continued. Goods, section 13— Gold bars and coin are, 3—29. Labor is not, 5—565. Great Britain increases rates on, 6—955. “Growing out of,” construction of words, 3—28. Growth of acceptances, 1—52; 2—590, 669; 3—5, 6, 350, 581, 664; 4—11, 402, 595, 602, 604, 855,1054; 5—767; 6—559, 666. Guaranty— An acceptance by a foreign correspondent under guaranty of a national bank constitutes a direct and not a contingent acceptance liability of the national bank, 4—311. Authority to guaranty is an incident of its author¬ ity to accept, 4—311. National bank, in giving guaranty, is exercising power of acceptance through an agent, 4— 311. Might treat this as a loan to its customer showing its liability to its foreign correspondent in its report of condition as money borrowed sub¬ ject to United States Revised Statutes, sec. 5202, 4—311. National bank could arrange with its foreign cor¬ respondent to accept for account of one of its customers agreeing to provide funds before maturity if its customer failed to do so. In such a case its liability would be merely contingent and need not be shown as a direct acceptance liability, 4—311. ( See infra, National bank.) (See, however, Volume 7, Federal Reserve Bulle¬ tin, May 1921, page 547.) Harding, Gov. Addresses on, 2 —587; 4—602; 5—105. Hawaii—• Federal Reserve Banks can not discount ac¬ ceptances based on shipments between con¬ tinental United States and, 1—91. Drafts based on shipments from United States to, are subject to stamp tax, 5—476. Holdings of acceptances. ( See Discount and open- market operations.) Import acceptances. ( See supra, Export and import.) Indorsement—• Bill payable to order of drawee must have his, to be negotiable, 4—110. In blank passes title but better practice is to re¬ quire specific indorsement, 4—744. Inspection. Right reserved for inspection of goods before acceptance does not affect negotiability, 5—472. Insular possessions— Acceptance based on trade between foreign na¬ tions and our, by a company purchasing goods held not to be a "banker’s acceptance but to be a valid trade acceptance, 1—404. (See supra, Canal Zone; Continental United States; Hawaii.) (See infra, Porto Rico; Philippines; Virgin Islands.) Interest— Loss of. Allowance for, in collection of accept¬ ances, 4—521. Bill payable with interest after maturity is negotiable, 3—200; 4—109. Renewal acceptances are in effect a guaranty of a fixed rate of interest, 2 —588; 4—259. ACCEPTANCES—Continued. Interest—Continued. (See supra Domestic; Renewal.) (See also Collection; Drafts; Renewal.) Labor held not to be “goods” under section 13, 5 —565. Law Department. Opinions of counsel. (See Opin¬ ions; Counsel.) Laws of States. Acceptance laws, 3—529. (See also State banks, etc.; Laws of States.) Letter of Texas banker favoring bankers’ acceptances, 3— 159. Liabilities. Acceptance, 2—670; 3—6, 350, 664; 4— 11, 440, 855, 1114; 5—21, 105, 440, 513, 555, 561, 852, 1152; 6—158, 375, 686. Liability, contingent. (See Discount and open market operations; Member bank condition statements; Na¬ tional banks; Rediscounts; Resources and liabilities.) (See supra, Guaranty.) Liability. Direct. (See supra, Guaranty.) License. (See supra, Ally of enemy.) Maturities of purchased acceptances. (See Dis¬ count and open-market operations.) Maturity. (See Agent; Discount and open-market operations; Interest; Rebate; United States Revised Statutes, section 5200.) Mississippi law authorizes secured domestic accept¬ ances, 6—701. Money borrowed— Acceptances do not constitute, 2—64, 678, 680. (See infra, National banks; Own acceptances.) (See supra, Guaranty.) National bank— Acceptance of a foreign correspondent under guaranty of a, is an acceptance of the national bank. Could, however, be treated as money borrowed subject to limitations of section 5202, 4—311. If foreign correspondent accepts for account of customer of the national bank, the guaranty liability of the national bank would be merely contingent and need not be shown as an acceptance liability, 4—311. (See, however, Volume 7, Federal Reserve Bul¬ letin, May 1921, page 547). National banks have had power to discount acceptances since 1864, 2—680 at 683. National banks are forbidden by United States Revised Statutes, section 5190, to appoint an agent in another city to accept and pay drafts for it, 6—835. (See, however, Volume 7, Federal Reserve Bulletin, May 1921, page 547.) (See National banks.) Negotiable. Draft payable to order of drawee held not, until accepted and indorsed by drawee. Would then be negotiable in hands of third party and drawer would be not released, 4—110. Negotiability. Conditions affecting, 1—21. New Orleans branch bank. Purchases of acceptances by, 3—28. New York City trust companies. Purchases of ac¬ ceptances, 2—590, 670. New York Clearing House. Acceptances may be cleared through, 4—819. New York Discount Corporation formed to develop discount market for acceptances, 5—114. 14 INDEX-DIGEST OP FEDERAL, RESERVE BULLETIN. ACCEPTANCES—Continued. New York saving banks may invest in acceptances, 4—525. Nonmember bank acceptances. Differential against, 3— 28. One hundred per cent. Power to accept up to— Applications granted, 1—71; 2—215, 265, 328, 372, 437, 438, 515; 3—658, 746, 839, 941; 4— 13, 80, 184, 296, 402, 492, 697, 742, 859, 967, 1100, 1198; 5—29,127, 251, 357, 466, 562, 650, 737, 856, 961, 1050; 6—60, 159, 382, 492, 608, 697, 833, 945, 1063, 1175, 1300. Error in act of September 7, 1916— Corrected by act of June 21,1917, 3—100, 658. Banks already having authority; need make no new application, 3—658. Open market for acceptances— American acceptance council and New York Dis¬ count Corporation organized to develop, 5—114. Discussion of, 4—1054. (See supra, Growth of.) Open market operations— (See infra, Purchases in open market.) (See Discount and open market operations.) Open market purchases not a test of substantial com¬ petition under Clayton Anti-Trust Act, 3—878. Open market rates— Lower than Federal Reserve Bank rates, 3—76. (See discount and open market operations.) Other actual security—• Construction of phrase, 3—881; 6—1065. (See supra, Actual security; Domestic; security; Export and import; Security.) Own acceptances. Purchase of— Purchase of own acceptances before maturity. Limitations of section 5200 apply. If subse¬ quently rediscounted the obligation would revive free from limitations of section 13, 2— 397, 680 ; 3—28,193, 397; 691; 4—197, 808, 974. Member banks may deduct own acceptances pur¬ chased from aggregate limitations of section 13, 2—397. Policy of Federal Reserve Board as to, 4—257, at 258. Payable. (See same; Principal heading.) Payable out of United States. Bills, not eligible for purchase under Regulations A and B, 1917, but could be purchased as bills payable in foreign countries under special instructions No. 2, 1916, 4— 520. Payment of. (See infra, Place of payment.) Philadelphia clearing house. Acceptances may be cleared through, 4—919. Philadelphia national banks. Acceptances of, 1916, 3—6. Philippines— Federal Reserve Banks may discount acceptances based on shipments between the continental United States and the, 1—91. Drafts based on shipments from United States to, are specifically exempted from stamp tax, 5—476. Place of payment— An acceptance accepted payable at a place other than residence of acceptor is a negotiable acceptance unless expressly stated payable there and nowhere else, 3—289; 5—142. ACCEPTANCES—Continued. Place of payment—Continued. Draft payable at bank on which drawn may be accepted payable at the Federal Reserve Bank provided no stipulation that it is pay¬ able only there, 3—379. Policy of Federal Reserve Board. (See supra, Federal Reserve Board.) Porto Rico— Federal Reserve Banks may discount accept¬ ances based on shipment of goods between the continental United States and, 1—91. Drafts based on shipments between United States and, are specifically exempt from stamp tax, 5—467. Power of acceptance. Federal Advisory Council favors additional, 3—106; 4—1175, 1177. Presentment for acceptance— Drawer and indorser of a bill made payable on a date specified are not discharged by failure to present bill for acceptance unless an ex¬ press provision that it must be so presented, or unless it is payable elsewhere than at resi¬ dence or place of business of drawee, 2—608. If holder of a sight draft presents it for acceptance rather than for payment, the drawer and in¬ dorsers would probably be released, 4—109. Presentment for payment. Demand and sight bills must be presented for payment within a reason¬ able time. After that they are considered as promissory notes of the acceptor subject to limita¬ tions of United States Revised Statutes, section 5200, 3—31. Private banker. (See Acceptance corporation.) Promissory notes. Federal Reserve Banks can not purchase, in open market even though bearing an additional indorsement, 1—347, 360, 365, 406. Purchase. (See supra, Payable out of United States.) Purchase of foreign bills— Left for present to discretion of Federal Reserve Banks; subject to future regulations, 1—360. (See Cable transfers; Foreign bills.) Special Instructions No. 2,1916, 2—530. Purchase of own acceptances. (See supra, Own acceptances.) Purchaser of goods. Bill by, on a bank not eligible merely because secured by bill of lading. May be pure finance paper, 3—380; 6—65, 66, 1301. Purchases in open market—• Discussion as to whether, should be charged to accepting bank as part of line of discount granted to it, 6—559. (See supra, Promissory notes.) (See Discount and open-market operations.) Pyramiding of acceptance credits, 3—28, at 29. Qualification as bankers acceptor, 1—362, 404. Qualified acceptances, 2—463; 5—564. Railroad Administration. Acceptances of. Hines, Director General of Railroads, addresses governors on, 5—307. Rate, commercial paper. Discounts of export bills before acceptance take commercial paper 90-day rate, and not the acceptance rate, 1—268. Rate of earnings. (See Discount and open-market operations; Earnings.) INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. 15 ACCEPTANCES—Continued. Rates of discount— Federal Reserve Bank of New York increases, 3—3, 4. (See Discount rates.) Federal Reserve Banks. Acceptance rates are higher than commercial rates, 3—76. (See Discount rates.) Great Britain increases, 6—955. London and New York, 2—591. Rates of purchase to be submitted to Federal Reserve Board for approval, 1—360. Ratio— Acceptance liability to total liabilities. (See Ratio.) Acceptances to capital and surplus. (See Ratio.) (See also Acceptance liabilities.) Readily marketable staples. Drafts secured by warehouse receipts covering automobiles or tires are not eligible for acceptance, as they are not secured by, 6—65. Real estate mortgages. (See infra, Security.) Rebate agreements. Federal Reserve Banks may agree to permit acceptors to take up acceptances before maturity under, 3—949. Refinance drafts. 6—610. Regulations— A, 1917, 4—520. A, 1920, 6—1179, 1301. B, 1916, 2—532, 666. B, 1917, 4—520. 5—740. B, 1920, 6—1181. C, 1916, 2—534, 665. C, 1917, 3—542. C, 1920, 6—1182. E, 1916, 3—29. E, 1920, 6—1183. S, 1915, 1—434. T, 1915, 2—15. (See Circulars and regulations; Special Instruc¬ tions No. 2, 1916.) Regulations A and B, 1917. Bills payable out of United States not eligible for purchase under, but can be purchased under Special Instructions No. 2, 1916, 4—520. Regulations, Foreign bills— None to be made at present, 1—360. (See supra. Foreign bills.) Regulations. New, under preparation to put an end to unsound acceptance methods, 5—530. Reimbursement for acceptances. Conference of bankers, 4 —805. Release of security. (See supra. Domestic, security; Ten per cent limitation; Export and import, security.) Renewal acceptances— Belgium renewal acceptance credit, 5—309. Contract for, is invalid, 1—126; 6—277. Exchange rates. Renewal, not eligible when proceeds of original acceptance are held back because of adverse, 5—858. ACCEPTANCES—Continued. Renewal acceptances—Continued. Federal Reserve Board— Policy as to, 4—257; 5—309. Will take into account abnormal conditions abroad, 5—858. Guaranty of interest rates. Are in effect a, 2— 588;'4—259. Import acceptances renewed after importation become domestic and require security, 3— 30. Regulations— Must comply with law and, applicable to original acceptance, 6—66, 276, 277. (See infra, Revolving acceptance credits.) (See supra, Domestic; Warehouse receipts.) (See also, National bank; Purchases.) Report on— Federal Reserve Agents, 3—6. Governors. Acceptance credits, 5—415. Revolving acceptance credits— Federal Reserve Board on, 4 —257. Term should not as a rule exceed one year,4—257. With renewal privileges held not to be a valid import acceptance, 4—976. Rulings by Federal Reserve Board. (See various headings under Acceptances.) Sales of acceptances— Between Federal Reserve Banks, 4 —590, 777, 778, 1147; 5—169, 310, 495, 794, 1085; 6—192, 531, 730, 781, 1014, 1015, 1019, 1041, 1042, 1043, 1044, 1133, 1228, 1232. Fiscal year 1920, 6—730. Savings banks— New York. May invest in bankers’ acceptances, 4— 525. Purchase of acceptances by, 4 —953. Schedule of availability. Proceeds of collected ac¬ ceptances, 5—245, 246. Section 13. (See Federal Reserve Act, section 13.) Section 14. (See supra, Purchases in open market.) Securities, Open market purchases of. Ruling, Foreign Exchange Division, 4 —973. Security. (See supra, Domestic, security; Export and import, security.) Shipping documents— Must be made out or indorsed so as to convey title to accepting bank, 4—198. (See supra, Domestic, security; Export and import, security.) (See Bills of lading; Bills of exchange, handling of.) Sight drafts— Accepted payable at fixed future date are quali¬ fied acceptances, 2 —463; 6—564. Must be presented for payment within a reason¬ able time, 3—31. After that, considered in substance as promissory notes of acceptor subject to limitations of section 5200, 3—31. Payable when presented without days of grace, 4—109. Single name paper not eligible for purchase in open market even when bearing additional indorse¬ ment, 1—347, 360, 365, 406. Sizes. (See Discount and open-market operations.) 16 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. ACCEPTANCES—Continued. Special instructions No. 2, 1916— Purchase of bills payable in foreign countries, 2—530. Bills payable abroad can be purchased under, 4 — 520. Stamp tax — Acceptances are not taxable as ‘ ‘ promissory notes ” under the act of October 22, 1914, 2—-211. Acceptances originating outside of t but payable within United States and originating inside of, but payable outside of United States, are subject to stamp tax under act of October 3, 1917, 3—*-950. Staples, Readily marketable. ( See supra, Domestic; security.) State banks— Conditions as to making of acceptances by, 1—262. Purchases of acceptances of. ( See Discount and open-market operations.) Statements as to financial condition of acceptors. Ultimate responsibility rests with purchasing bank. If in proper form, Federal Reserve Banks need not pass upon them, 2—13. States. Laws of, as to acceptances, 1—61; 3—529. Substitution of security. (See supra, Domestic; 10 per cent limitation; Export and import transactions.) Sugar in bond as security for bankers’ acceptances, 4—520. Syndicate acceptance credits. (See supra, Belgian industrial acceptance credit; Revolving accept¬ ance credits.) Tax. (See supra, Stamp tax.) Ten per cent limitation, section 13— Bank may accept up to 10 per cent, release any security, and give further acceptances if secured, 5—364. (See supra, Domestic, 10 per cent limitation; Export and import, 10 per cent limitation. United States Revised Statutes, section 5200. (See supra, Domestic acceptances; United States Revised Statutes, section 5200.) (See Ten per cent limitation.) Term of revolving acceptance credits should not, as a rule, exceed one year, 4—257. Texas trust companies authorized to accept drafts and bills, 6—950. Trade acceptances— An acceptance of a negotiable instrument is “trade,” within meaning of trading with the enemy act, 3—851. Accepted before sale or delivery are not drawn against actually existing value, 4—974. Acceptor other than drawee. Is ineligible for pur¬ chase as a trade acceptance, 2—112. Actual security. A trade acceptance drawn on foreign buyer to whom bill of lading is re¬ leased after acceptance, held to be actual se¬ curity under section 13 for a banker’s export acceptance, 6—1065. Actually existing value— Drawn against a balance due on open account may be a good trade acceptance but is not drawn against, 3—287. To be drawn against, must be drawn at time of shipment or delivery or within a rea¬ sonable time thereafter while the goods or their proceeds are in possession of pur¬ chaser, 4—974. ACCEPTANCES —Continued. Trade acceptances—Continued. Addresses on, 3—9,10, 243, 245 ; 4—602, 713,1193; 5—105. Advertising space. Bills drawn against purchase of, valid, 3—114, 116. Agent. Draft of lumber company on a selling cor¬ poration in which it owns stock, would be a valid trade acceptance if sales corporation purchases the lumber outright. If sales cor¬ poration does not purchase but merely re¬ ceives as agent, it would not be a valid trade acceptance, 4—33. American Trade Acceptance Council succeeded by American Acceptance Council, 5—114. Approved form of. (See infra, Form.) Balance on open account, bill drawn against a, may be a valid, but is not drawn against ac¬ tually existing values, 3—287. Bank acceptance of bill drawn against a land com¬ pany held not a valid, 2—112. Bank, payable at a. A trade acceptance, is equiva¬ lent to an order to the bank to pay, 4—971. Building operations. Trade acceptances cover¬ ing, 5 —565. Circular. (See infra, Regulations.) Collection charges. A bill payable with, is not negotiable, 3—880. Collection items. Trade acceptances to be han¬ dled as, 4—371. Commercial paper. A bill, proceeds of which are to be used for wages or services, is not a valid trade acceptance, taking preferential rate, but may be rediscounted as ordinary, 5—565. Conditional sales. Not a basis for, 5—964. Conference on, 3—243, 244, 245. Cost of installation. Bill drawn for purchase price including, held valid, 4—310. Cotton. Financing of, by trade acceptances 4— 602, 713. (See Cotton.) Crops. Desirability for aid in moving, 1—258. Discount allowed for settlement made by, 2—524. Discount for prompt payment — Order to pay a certain net amount after de¬ ducting discount for prompt payment at maturity, but if not so paid to pay a greater amount to include discount is negotiable, 4—200. Order to pay a fixed sum, but with provision that a discount of 5 per cent will be al¬ lowed if paid before maturity. Not fav¬ ored by Federal Reserve Board because of conflicting decision as to negotiability, 4—871. Discounts by Federal Reserve Banks, 2—42, 90, 140, 193, 248, 297, 359, 422, 495, 575, 643, 715; 3—61, 139, 221, 408, 426, 637, 716, 814, 902, 977; 4—53, 57, 135, 229, 342, 463, 552, 667, 668, 776, 897, 986, 1024, 1145, 1146, 1242, 1243, 1244; 5—84, 85, 86, 165, 166, 168, 280, 281, 390, 391, 494, 495, 496, 591, 592, 682, 683, 697, 792, 793, 884, 885, 991, 1083, 1084, 1085, 1183, 1184; 6—90, 191, 306, 412, 530, 641, 740, 870, 984, 1101, 1231, 1348. (See Discount and open-market operations.) INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. 17 ACCEPTANCES— Continued. Trade acceptances—Continued. Domicile bills technically good, but undesirable as investments, 6—3S5, 386. ( See Domicile bill.) Drawn in good faith, etc. ( See infra, Good faith.) Eligibility— Export and import, 2—168. For rediscount, 4—109, 971. Exchange— Payable with, probably negotiable, 3—880. {See Exchange; principal heading.) Extension of time. Agreement for, by holder is of doubtful negotiability and not favored, 4—870. Federal Reserve Agents. Report on, 3—8. Federal Reserve Bank of Cleveland— Circular letter on, 2—100. Form submitted by, 2—101. Federal Reserve Board— Discount for prompt payment favored by, 2— 524. Inquiry as to use of, 3—657. Form approved by, 4—636. Foreign countries. Authority to buy, drawn in foreign countries on American acceptors, 2— 111 . ACCEPTANCES—Continued. Trade acceptances—Continued. Land company. Bill drawn on, but accepted by a bank, is not a valid, 2—112. Letter favoring, 3—159. Materials. Draft of manufacturers or material man upon a builder to cover cost of materials sold to builder is a valid, and eligible for dis¬ count, 5—565. Maturity. Must not exceed 90 days from pre¬ sentation for rediscount to be eligible, 4—971. National banks. (See Same; principal heading.) National Credit Men’s Association— Conference, New York, 3—243, 244, 245. Resolution favoring, 4—606. Address on, 4—1193. Open accounts— Bill drawn for a balance due on, is technically a valid trade acceptance, but not drawn in good faith against actually existing values under section 13 and United States Revised Statutes, section 5200, unless complying with conditions stated, 3— 287; 4—974. Should not look with favor on, to liquidate slow open accounts, 4—30. Open-market purchases— {See infra, Purchases, open-market.) Form of, 2—101; 3—378 ; 5—142; 4—636. Gas. Bill by gas-producing company on gas dis- distributing company for gas sold and de¬ livered held valid, 4—435. Good faith— Drawn in, etc., only when within a reason¬ able time after shipment or delivery of goods, 3—287; 4—974. {See supra, Actually existing values; Balance.) Goods. Labor is not, under regulations, 5—565. Growth in use of, 3—157, 657; 4—595, 604, 808, 1193. Harding, Gov. Addresses on, 4—595, 602; 5— 105. Harris, B. D. Address on, 3—245. Holdings, Federal Reserve Banks. {See Discount and open-market operations.) Import. {See Export and import transactions.) Import, indorsed by bank or banker takes bankers’ acceptance rate, 2—168. Installment purchases. Purchaser on install¬ ment plan gives seller an accepted bill for each installment, before delivery, with au¬ thority to seller to fill in the maturity date of each installment and also his name as drawer. Held valid, 4—437. Insurance premiums. Bill drawn for, is not a valid, 4—309. Interest, payable with, for delayed payment after maturity, held negotiable, 3—200. Investment operations in. {See Discount and open-market operations.) Jewelry trade. Not popular in, 6—1033. Labor alone not “goods” under section 13. Bill for purchase price including cost of installa¬ tion (and labor) is valid, 5—565. 37599°—21-2 {See Discount and open-market operations.) Payable— Accepted payable at place other than that stated in draft, held valid if no express stipulation payable nowhere else, 5—142. Accepted payable at a bank is equivalent to an order on the bank to pay under nego¬ tiable instruments act, with certain ex¬ ceptions, 4—971. Policy holder. Draft of casualty company against a, for premiums not a valid, 4—309. Purchases, Open-market— Regulation A, 1916, 2—531, 539. Regulation B, 1916, 2—532, 541. Regulation B, 1920, 6—1181. {See Discount and open-market operations. Railroad company. Draft of seller of supplies against a. Railroad company may consti¬ tute a. Valid, 4—974. Rates. Import trade acceptances when indoresd by a bank or banker, take bankers’ accept¬ ance rates, 2—168. Rediscount. {See supra, Eligibility; Maturity.) Regulations. {See Regulations.) Sales corporation. Draft drawn by lumber com¬ pany against a, in which it owns stock is valid if lumber is actually purchased in good faith by sales corporation. If latter is merely an agent, would be invalid, 4—33. Section 13. {See supra, Good faith.) Section 5200. {See infra, United States Revised Statutes, section 5200.) Stamp tax should be affixed and canceled by drawer, but acceptor may do it by agreement, 4—977. Stockholder. {See supra, Sales corporation.) 18 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. ACCEPTANCES—Continued. Trade acceptances — Continued. Ten per cent limitation, section 5200— (See Ten per cent limitation; Trade acceptances.) (See infra, United States Revised Statutes, sec¬ tion 5200.) Title. Retention of, by drawer, until payment, invalid, 5 — 964. Title to materials. If contractor has no, furnished or to the building while being erected, a bill drawn on him by subcontractor would not be a valid, 5 — 565. Trading with enemy act. Acceptance of a nego¬ tiable instrument held to be “trade” under, 3—851. Tregoe, J. H. Address on, 4 —1193. Treman, Deputy Gov. Addresses on, 3 — 9, 243. Trust receipts. (See supra, Domestic; Security.) Ultra vires. (See supra, Export and import; domestic.) Union Discount Co. Oganized to finance cotton by means of acceptances, 4 — 930, 939. United States Revised Statutes, section 5200— Acceptances— Accommodation acceptances not growing out of commercial transactions and not representing a debt from drawee to drawer are subject to, 2 — 680. In evasion of, 2 — 680, at 683; 5 — 254,415, 858. Not subject to, unless drawer fails to cover, 2—64, 463, 680, 684. (See infra, Purchase of own acceptances.) Amendment of, 4 —1055; 5 —704,730,965,1055. See Act of September 24, 1918; Act of March 3 (1919; Act of October 22,1919.) Limitations of. (See Ten per cent limita¬ tion.) Paper actually owned, etc. (See supra, Actu¬ ally owned.) Purchase of own acceptances. (See supra, Own acceptances.) Trade acceptances drawn against balance on open account are subject to, except under conditions stated, 4 —974. (See Ten per cent limitations; United States Revised Statutes, section 5200.) United States Revised Statutes, section 5202— Amendment of, 5 —704, 730, 965, 1055. (See supra, Guaranty.) Valorization of cotton, 2 — 524. (See Cotton, principal heading.) Virgin Islands. Shipments from territorial United States to, are not shipments to foreign coun¬ tries, but drafts based on such shipments are specifically exempt from stamp tax, 5—467. Waiver of demand, notice, and protest by drawer or indorser does not affect acceptor, 1—277; 2—226. Warburg, P. M. Address on, 4 —604. Warehouse receipts. (See supra, Domestic se¬ curity; Warehouse receipts.) Wills, D. C. Address on trade acceptances, 3—243. ACCESS, 4—634, 862. (See Acceptances, Security; Warehouse receipts.) ACCOMMODATED. Number of banks accommodated. (See Member banks, number rediscounting.) ACCOMMODATION ACCEPTANCES. (See Acceptances, Accommodation paper.) ACCOMMODATIONS TO CORRESPONDENT BANKS. Method employed by city banks in granting, 6—584. ACCOUNT. Balance on open account, 3—287; 4 —30, 974. (See Acceptances, trade.) Capital account, 3—949. (See Finance paper.) Current expense account. (See same.) Foreign account, 4 —87, 171, 172, 365. (See Federal Reserve Board; Foreign payments; War Finance Corporation; War Trade Board.) Member bank reserve account. (See Member bank condition statements; Member banks; Resources and liabilities.) Open account. (See supra, Balance.) Profit and loss account. (See Federal Reserve Banks; Profit and loss account; Reserve for franchise tax.) Surplus account. (See Surplus.) ACCOUNTING, UNIFORM. (See Federal Trade Commission.) ACCOUNTS. New ruling, Foreign Exchange Division, 4 —864. (See Date of closing; Federal Reserve Agents; Opin¬ ions of counsel; Savings accounts; United States bonds; Suspense accounts.) ACCRUED DIVIDENDS. (See Dividends; Earnings and expenses; Federal Re¬ serve Banks; National banks.) ACCRUED INTEREST. Allotted purchases of United States bonds, Federal Reserve Banks, 1—356. Liberty Loans, 1—355; 5—100. Payment of, on demand note is not a renewal and not subject to stamp tax, 3—950. ACT. (See Federal Reserve Act.) ACT. 1882, July 12. (See National banks.) 1890, July 14. Purchase of silver bullion, 4 —398. Repealed November 1, 1893, 4 —399. 1893, November 1. Silver purchase act repealed, 4—399. 1907, March 4. (See National banks.) 1908, May 27. (See United States Revised Statutes, sec. 3847.) 1908, May 30. Aldrich-Vreeland. No reserves re¬ quired against Government deposits, 3—692. 1909, March 4 (See Federal Reserve notes; Emblem.) 1913, October 3. Income tax. (See Capital stock; Stock dividends; Tax.) 1914, October 15. (See Clayton Antitrust Act.) 1914, October 22. Income tax— Tax on promissory notes under, repealed by act September 8,1916, 2 —512. (See Federal Reserve Act, taxation; Taxation; Tax.) 1915, March 3. Acceptances up to 100 per cent of capital and surplus permitted with authority of Federal Reserve Board. (Nee infra, Act of Sept. 7, 1916.) INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. 19 ACT —Continued. 1916, May 15. Kern amendment. (See Clayton Anti¬ trust Act.) 1916, May 18. Authorizes, under certain conditions, deposits of postal savings in nonmember banks which were forbidden by Federal Reserve Act, section 15, 2—331. 1916, June 12. Secretary of Treasury may receive deposits of gold bullion and foreign coin and issue gold certificates therefor, said gold bullion and foreign coin not to exceed two-thirds of total amount of gold certificates at such time outstand¬ ing. Repeals United States Revised Statutes, section 5193, 2—311. 1916, July 7. Farm loan act, section 13, 3—379. 1916, July 17. National banks may discount notes secured by farm loan bonds issued under, 4 —635. 1916, September 7. Amending Federal Reserve Act— Error contained in, as to acceptances up to 100 per cent, 2—508, 513. Cured by amendment, 3—100, 658 (See infra, Act of June 21, 1917.) Permits certain National banks to act as real estate and insurance agents, 2—440; 3—164. Permits issue of member bank collateral notes, 2—440, 513. 1916, September 8. Repeals taxes under act of October 22,1914, on promissory notes, etc., 2—512. (See Stock dividends.) 1917, March 3. War revenue act, 3—248, 251. 1917, April 24, Bond act— Text, 3—345. Provisions, 3—458, 459, 601. 1917, June 15— Executive order of June 22, under, Creates exports council, Export licenses, Exports of coin, bullion, etc., 3—582. (See Export.) Proclamation, gold exports, 3—583, 737. (See Proclamations.) 1917, June 21. Amendment to Federal Reserve Act— Error in act of September 7, 1916, as to accept¬ ances up to 100 per cent, corrected by, 3— 102, 658. Synopsis and text, 3—509, 511. 1917, August 10. Lever food control act. Pending amendments to, 5—967. 1917, September 24. Second Liberty bond act— Text, 3—749. War-savings certificates, 3—925. Income from second Liberty loan in part exempted from income tax, 3—930. (See War-savings stamps.) 1917, October 3. War revenue— Statement as to, 3—832. Text, 3—868. (See Stock dividends; Tax.) 1917, October 5. Issue of national bank notes in de¬ nominations of $1, $2, and $5, up to $25,000 to any one bank, 3—837. 1917, October 6. Trading with enemy. Text, 3—851. 1917, November 20. Amendment by Philippine Leg¬ islature to Philippine national bank act, 4—728. ACT —Continued. 1918, March 21. Government control of railroads. Text, 4—296. 1918, April 4. Third Liberty bond act— Text, 4—306. Treasury circular as to deposit of public moneys under act September 24, 1917, as amended by, 4 —494. 1918, April 23. Pittman Act. Melting of silver dollars—• Text, 4 —395. Price of bullion fixed, 4 —807, 818. 1918, May 23. National banks entitled to make Red Cross contributions, 4 —498. 1918, September 24. Amends second Liberty bond act. Amends section 5200 United States Revised Statutes, by permitting national banks to purchase or discount in excess of the 10 per cent limitation to any amount permitted under rules and regulations of the Comptroller of the Currency, with the approval of the Secretary of the Treasury, notes secured by not less than a like face amount of United States bonds issued since April 24, 1917, or by certificates of indebted¬ ness of the United States, 4 —961,1055. (See infra, act of March 3, 1919; Act of October 22, 1919. ) 1918, September 26. Amends Federal Reserve Act. Text, 4 —947. 1918, November 7. Act permitting consolidation of national banks. Text, 4 —1178. 1919, March 3. Amends Federal Reserve Act. New subsection 11 (m)— Federal Reserve Board by affirmative vote of not less than five members may permit Federal Reserve Banks to discount for member banks notes, drafts, or bills bearing signature of any one borrower in excess of the amount per¬ mitted under sections 9 and 13, but in no case to exceed 20 per cent, provided such notes, etc., discounted in excess shall be secured by not less than a like face amount of bonds or notes of the United States issued since April 24, 1917, or certificates of indebtedness of the United States, the provisions of this sub¬ section not to be operative after December 31, 1920, 5—229. Analysis, 5—361, 1055, 1056; 6—495. Extended, with limitations, to October 31, 1921. Act of February 27, 1921. (See Volume 7, Fed¬ eral Reserve Bulletin, March, 1921, p. 310.) Reasons for passage of, 4 —1055. 1919, March 3. Victory Liberty loan act. Text, 5—225. 1919, September 19. Amends section 25, Federal Reserve Act. Foreign banking corporations, 5—965. 1919, October 22. Amends sections 5200, 5202. United States Revised Statutes— Analysis, 5—1055. Does not affect discount power of Federal Reserve Banks under sections 9 and 13, 5—1056. (See Opinions, Counsel.) 1919, December 24. Gold certificates made legal tender, 6—60. 1919, December 24. Edge bill. Section 25 (a) added to Federal Reserve Act; Edge Act; foreign bank¬ ing corporations; Federal charter, 6—56. Regulation K, 1920, 6—379,1190. 20 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. A C T —Continued. 1920, April 13. Amends Federal Reserve Act by authorizing progressive rates of discount. Text, 6—448, 498. 1920, May 26. Amends Kern amendment to Clayton Antitrust Act. Private banker may serve as interlocking directors when not in substantial competition, etc., 6—813, 948. ACTUAL CIRCULATION. (See Federal Reserve notes; Federal Reserve Bank notes; Money.) ACTUAL SECURITY, OTHER. (See Acceptances, actual security; Acceptances, con¬ struction; Acceptances, domestic; Acceptances, export and import; Acceptances, security.) ACTUALLY EXISTING VALUES. (See Acceptances, actually existing values; Accep¬ tances, trade; Opinions of counsel; Ten per cent limitation; United States Revised Statutes, sec¬ tion 5200.) ACTUALLY OWNED. Federal Reserve Banks may decline to discount mem¬ ber bank collateral notes secured by Government obligations unless the Government obligations securing them and securing the Government deposits held by the bank are actually owned by it, 6—163. ACTUALLY OWNED, COMMERCIAL OR BUSI¬ NESS PAPER. SECTION 5200. An acceptance discounted by the accepting bank is not paper, 2—680. Acceptances actually owned by persons offering them for discount are paper, 2—678, 680, 684. Accommodation acceptances are not paper, 2—684. Renewed paper is not paper, 3—287. Section 13 contains no such exception to its limita¬ tions, 2—224, 274; 3—195. Secured notes are not necessarily paper, 2—329. Trade acceptances discounted for drawer and not for bona fide holder are not paper, 4 —863. AD INTERIM CERTIFICATES, 3—600. (See Liberty bonds.) ADDITIONAL CIRCULATION. (See Federal Reserve Bank notes; National bank notes.) ADDITIONAL SECURITY, 3—881. ADDITIONS TO SURPLUS, 4—521. (See surplus.) ADDRESSES ON FEDERAL RESERVE ACT. Delano, F. A., 1—298; Hamlin, C. S., 1—136; 2—261, 309, 510. Harding, Gov., 1—66, 252; 2—160, 309, 509, 587; 3— 159; 4—595, 602, 1175; 5—105. Harris, B. D., 3—245. Miller, A. C., 2—261; 4—923; 5—915. Perrin, John, 1—186. Warburg, P. M., 1—132, 352; 2—102, 261, 309, 510, 669; 4—595, 604. Wills, D. C., 1—189; 3—243. Williams, John Skelton, 2—261, 509. ADELSON, L. C. Appointed assistant secretary, Federal Reserve Board, 4—365. Appointed deputy governor, Federal Reserve Bank of Atlanta, 5—201. ADJUSTMENT OF SALARIES, FEDERAL RE¬ SERVE BANKS, 6—54, 1293. ADJUSTMENTS, STOCK, 1—406. ADMINISTRATOR. (See Fiduciary powers. New York.) ADMISSIBLE ASSETS. Ruling, Commissioner of Internal Revenue, 5 —472. ADMISSION, FEDERAL RESERVE SYSTEM. List of State banks and trust companies admitted, 1 — 29, 251, 314, 347; 2—6, 122, 206, 372, 513, 590; 3 — 158, 347, 439, 507, 603, 659, 734, 834, 933; 4 — 16, 92, 185, 294, 408, 508, 609, 696, 734, 856, 966, 1098, 1196; 5—4, 40 , 49, 129, 250, 358, 465, 562, 649, 738, 855, 961, 1051, 1155; 6—62, 159, 273, 383, 492, 607, 697, 833, 945, 1063, 1174, 1299. ADVANCES, DIRECT. To allied powers. (See Allied powers.) To canners, farmers, and live-stock raisers, 4—807, 829, 830. To member banks. (See Member bank collateral notes.) War Finance Corporation, 4 —251. ADVERTISE. No right to advertise as being under Government protection, 1 —362; 6—65. Right to advertise savings accounts, 1 —18. ADVERTISING. Of Government protection is objectionable, 1 —362; 6—65. Of words “clearing member” not objectionable, 3— 879. Held to be objectionable, 4—1119, 1216. Of word “ Federal.” Objectionable, 3—615; 4—521. Of word “reserve” in title of bank is objectionable, 4 — 521. Of word “trust company” as part of title permitted when bank is authorized to exercise fiduciary powers, 6—497. ADVERTISING SPACE. Bill drawn on purchaser of, a valid trade acceptance, comes within “goods,” section 13, 3—116. ADVISORY COMMITTEE. Duties assigned to, determine whether or not they are officers or employees as defined by Clayton Antitrust Act, 3—118. ADVISORY COUNCIL. (See Federal Advisory Council.) AFRICA. National City Bank, N. Y., foreign branch at Cape Town, 6—159. (See Portuguese Africa; Rhodesia; South Africa.) AFRICA, SOUTH. Proposed Central Reserve Bank for, 6—1040. AGENCIES, CATTLE LOAN, 4-S32. (See War Finance Corporation.) AGENCIES, FOREIGN. Deposits in. (See Federal Reserve Bank statements.) AGENCIES, FOREIGN BANK BRANCHES AND. Acceptances bought in open market by Federal Re¬ serve Banks from. (See Discount and open mar¬ ket operations.) (See Foreign branches.) AGENCY: Memphis, 3—168. Savannah. (See Annual Report, page 38.) INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. 21 AGENT. Bill drawn by agent upon his corporation not eligible for purchase, 2—462. Bill drawn by corporation against shipment of goods to, etc., may be accepted by member bank, 3—690. (See Sales corporation.) AGENT, EXCHANGE AND COLLECTION. (See Non-member banks.) AGENT, NATIONAL BANK, 6—835. (See Acceptances; Guaranty; National Bank.) AGENT, TRANSFER. (See National banks.) AGENT FOR SALE OF WAR SAVINGS CERTIFI¬ CATES AND THRIFT STAMPS. Forms for sale of by, 4—87. AGENTS, APPROVED RESERVE. (See Approved Reserve Agents.) AGENTS, FISCAL. (See Fiscal agents.) AGENTS, INSURANCE. Regulations for national banks acting as, 3—164. AGENTS FOR MEMBER BANKS. Federal Reserve Banks may purchase bills but not notes as agents for member banks, 1—347. AGENTS. (See Acceptances, trade; Approved Reserve agents; Collecting agents; Federal Reserve agents; Fiscal agents; Reserve agents.) AGGREGATE. Net deposit and note liability, 1917, 4—130, 769. (See Net deposits; Resources and liabilities.) AGREEMENT. (See Boston Clearing House.) AGREEMENTS. Credit. (See Tax.) Extension of time. (See Acceptances, trade.) Foreign exchange. (See Foreign exchange; Secretary of Treasury.) Rebate of discount, 1—308, 388; 2—461. Repurchase—United States bonds and Treasury cer¬ tificates bought under, 4—466, 557, 671. (See also Repurchase agreements; United States bonds; United States Treasury certificates; U. S. R. S., sec. 5200.) Security. (See Acceptances, security; Acceptances, ten per cent limitation.) AGRICULTURAL CONDITIONS. (See Business conditions; Crops; Federal Reserve agents; Reports.) AGRICULTURAL IMPLEMENTS. Terms of sale, 6—1T49. (See Agricultural and live stock paper.) AGRICULTURAL LOANS. (See Farm land loans; Real estate loans.) AGRICULTURAL AND LIVE STOCK PAPER. Based on live stock. Construction, 1—72; 3—616. Cattle— Are readily marketable commodities, 2—65. Notes for breeding, raising and fattening, are, 2—112, 679. (See Security; Special instructions No. 2, 1916.) Notes of fanners for purchase of, are, 2—395. AGRICULTURAL AND LIVE STOCK PAPER—Con. Cattle—Continued. Loans to farmers to fatten, are, 3—378, 763. Hoover, Herbert, urges loans to raisers of, at not over 7 per cent, 3—659. (See infra, Live stock; Security.) Cattle dealer. Note of, is not, 1—212. Cattle loan agencies. Establishment of, 4 —832. Chattel mortgages— Not required as security for, 1—72, 74; 3—378. (See Security.) Circular, Federal Reserve Board, 1—38. Classification of paper. Method, 2—67; 3—114. Collateral note. (See Security.) Commercial fertilizer. Six months farmers’ notes for, are, 1—75. Commodities— Farmers’ notes for, actually used for agricultural purposes are, 4—310, 312. If capable of use but not so used, are not agricul¬ tural paper but merely commercial paper, 4—310, 312. Cows— Note of farmer, proceeds of which are to be used for purchase of, is, 2—395. (See Cattle; Live stock.) Crops. Loan to farmer to produce crops is, whether or not secured by mortgage on the live stock, 3—378. Dealer. Note of cattle dealer is not, 1—212. Definition, 1—72; 2—67; 6—1180, 1301. Discount of. Limitations on, 2—67. Discounts. (See infra, Holdings.) Discounts, direct. Federal Reserve Banks can make no direct discounts for individuals, only through member banks, 3—457. Distinction between commercial paper and, 6—1301. Eligibility defined, 6—1301. Farm land, note of farmer proceeds to be used for draining and tilling is, 4—743. Fattening of cattle. (See Cattle.) Fertilizer. (See supra, Commercial fertilizer.) Holdings of, Federal Reserve Banks, 3—221, 317, 408, 486, 565, 638, 717, 814, 902, 978; 4r-53, 135. 229, 342, 463, 552, 668, 776, 897, 1024, 1146, 1244; 5—86, 168, 281, 391, 496, 592, 683, 794, 885, 991, 10S5, 1184; 6—93, 103, 307, 415, 532, 641, 741, 872, 985, 1102, -1233, 1349. Hoover, H. (See infra, Interest.) Identification. (See Classification.) Implements— Note of farmer in part payment of, is, 1—212; 2—67. Note of dealer in, is not, 1—212. Bill drawn on farmer for price of, is, 2—67. Note of retail dealer in, to wholesale dealer is not, 1—212; 2—526; 4—1118. Terms of sale, 6—1149. Irrigation Company. Note of, is eligible if proceeds used for agricultural purposes. Sale of water merely is not, 6—949. Interest. Hoover, H., urges loans to raisers of cattle at not over 7 per cent, 3—659. Limitation— Limit fixed at 25 per cent of capital stock, 1—72. Fixed at 99 per cent, 2—67. 22 INDEX-DIGEST OF FEDERAL. RESERVE BULLETIN. AGRICULTURAL AND LIVE STOCK PAPER— Con. Live stock — Based on. Construction, 1 — 72; 3 — 616. (, See Cattle; Cows.) Note or bill of packing company for purchase of, for immediate slaughter is not, 3 — 616. Live stock paper— Limit fixed by Federal Reserve Board at 25 per cent of assets of the Federal Reserve Bank, 1—72. Limit fixed at 99 per cent, 2 —67, at 68. Note given by farmer in part payment for live stock is, 1 — 212. Note by a dealer in live stock is not, 1 — 212. Loans. Increase in agricultural. Federal Reserve Banks and member banks, 6 — 1124. Member banks. Federal Reserve Banks can discount, only through member banks, 3—457. Millet seed. Note of retail dealer for purchase of, is not, 2 — 526. Mule. Note of farmer in part payment of a, is,l—212. Mule dealer. Note of, is not, 1 — 212. Rates. ( See Discount rates.) Readily marketable commodities. Cattle are, 2 — 65. Regulations, Federal Reserve Board, 1—38; 2 —530; 3 — 540; 6—1180. Retail dealer. Note of, in payment to wholesale dealer is not, 1—212; 2 —526; 4—1118. k Security — Note secured by collateral notes in turn secured by a chattel mortgage on cattle is not necessa¬ rily, 3—690. Note of farmer to produce crops or fatten cattle needs no, 3—378. Silos. Note of farmer for purchase of, is not agricultural paper as silos are permanent improvements, 4—971. Tractors. Notes of farmer for, is, 4—309. War Finance Corporation— Loans to farmers, 4 — 828; 5 — 28, 29. (See also Commodity paper.) AGRICULTURAL IMPLEMENTS. Terms of sale, 6 — 1149. AGRICULTURAL PRODUCTS. Acreage and production, 5—737, 1053; 6—1125. Corn, wheat, oats, hay, 1918, 1919, 5—853, 962, 1053. Exports and production, 1914-1918, 5—636. AGRICULTURAL LOANS. Increase in, by member banks and Federal Reserve Banks, 6—1124. AGRICULTURE. (See Department of Agriculture.) AID, GOVERNMENT. (See Government aid.) AID, STATE. To banking. Report, British Commission, 5—122. AIKEN, GOV. Report on the clearing system of the Federal Reserve Bank of Boston, 3—162. Resigns, 4—5. ALABAMA. Warehouse laws, 1—260. National banks authorized to exercise fiduciary powers, 2—523. Laws as to acceptances, 3—529. ALABAMA—Continued. Laws as to reserves, 3—768. List of State and member banks, 4 —92. Laws as to foreign banking corporations, 5—54. Banking law amendments as to Federal Reserve Sys¬ tem, 5—967. ALASKA. Federal Reserve Banks can not discount acceptances based on shipments between continental United States and Alaska, 1—91. Drafts drawn based on shipments from Alaska to for¬ eign countries are not subject to stamp tax, 5—467. ALDRICH-VREELAND ACT. (See Emergency currency.) ALDRICH-VREELAND NOTES. Discount rates lowered to assist in retirement of, 1—47. Issue of, 4 —279. ALGERIA. Handling of bills of exchange in, 5—453. ALIEN ENEMIES. Instructions of Federal Reserve Board as to dealings with, 3—431, 655. ALIEN PROPERTY CUSTODIAN, 4—11, 365. (See Acceptances; Ally of enemy; War Trade Board.) ALIENS, NONRESIDENT, 4—163. (See Tax, income.) ALL OTHER LIABILITIES. (See Federal Reserve Bank statements.) ALL OTHER RESOURCES. (See Federal Reserve Bank statements.) ALLEN, P. S. Elected class B director, Boston, 4 —695, 817. ALLEN, S. P. Resigns as assistant secretary of Federal Reserve Board, 4—365. ALLIED POWERS. Central gold reserve, 1913-1920, 6—1296. Credits to, by Argentina, 6—596. Loans by United States, to, 3—10, 424, 731; 4 —21, 279, 1057, 1059; 5—33, 845, 957, 1014; 6—688, 901. Loans, future, 4 —1166. Public debts, 1913-1918, 4—268, 270, 375, 1057. War finance, 1914-1918, 4—267, 269, 1057. Trade with, 1913, 1919, 5—957, 1037. (See Central powers; European central banks; Neutral powers; Public debts.) ALLIED PURCHASING COMMITTEE. Bills for financing sales to, 3—878; 4-—435, 438. ALLIES. (See Allied powers.) ALLONGE. An indorsement of negotiable paper made on a sepa¬ rate piece of paper attached to original instru¬ ment, known as an Allonge is a valid indorsement, 2—610. ALLOTMENTS. Liberty Loans, I, II, 3—506, 578, 917, 932. Liberty Loan III, 4—359. Liberty Loan IV, 5—225. Liberty Loan I-V, 5—521, 787. United States bonds, purchase by Federal Reserve Banks, section 18,1—355; 2 —12, 13, 64, 156, 316, 512; 3—5, 80, 238, 240, 341, 507, 879. INDEX-DIGEST OF FEDERAL, RESERVE BULLETIN. 23 ALLOTMENTS —Continued. United States Treasury loan and tax certificates, 1919, 1920, 6—729. (See National banks; United States bonds, sec¬ tion 18; United States Treasury certificates.) ALLOWANCE. ( See Depreciation.) ALLY OF ENEMY, 3—838; 4—11, 171, 172. (See Acceptances; Act October 6, 1917, trading with enemy; Insurance companies; War Trade Board.) ALTERATION, 4—1118. (See Commercial paper.) ALTERATION OF BANK BUILDING. Charged to current expense account, 5—26. AMALGAMATION. Report on, of British banks, 4—954. AMEND, RIGHT TO. Rules as to savings accounts, 4—199. (See Savings accounts.) AMENDMENTS PROPOSED AND ENACTED. Acceptances, Domestic— American Bankers Association, 2—6. Federal Reserve Board' 2—323. Acceptances up to 100 per cent, etc. (See Act of Sept. 7, 1916; Act of June 21, 1917.) Acts of amendment. (See Act; principal heading.) American Bankers Association. (See same.) Bills of lading, uniform. American Bankers Asso¬ ciation, 2—6. (See Bills of lading.) Branches, National banks. (See National banks.) Bullion. (See Gold certificates.) Capital, Reduction of. (See Federal Reserve Banks; State banks.) Clayton Antitrust Act— American Bankers Association, 2—6. Federal Advisory Council, 1—394. Private bankers, 6—813, 948. (See Clayton Antitrust Act.) Clearing members, 3—100. Federal Advisory Council favors, 3—106. Coin, foreign. (See Gold certificates.) Collateral notes. Member bank 15-day. Federal Re¬ serve Board favors, 2—323. (See Member bank collateral notes.) Comptroller of Currency. Absorption of duties and office in Federal Reserve Board favored by Fed¬ eral Advisory Council, 1—394. Directors. (See Section 22.) Directors. Election of, 4—414, 947. Domestic acceptances, 2—6. (See Acceptances; domestic.) Edge Act. (See same.) Exchange charges. (See Exchange charges; Hardwick amendment.) Farm land loans— Amendment to section 24. Federal Advisory Council, 1—394. (See Real estate loans.) Farm loan bonds as security for Federal Reserve Bank loans; Hollis bill, Federal Advisory Council opposes, 1—394. Federal. Limiting use of word. Bill proposed by Federal Reserve Board, 2 —373. AMENDMENTS PROPOSED AND ENACTED— Con. Federal Advisory Council—^ Suggested amendments, 1—394. (See Federal Advisory Council; principal head¬ ing-) Federal charter. (See Edge Act; Foreign banks and branches.) Federal Reserve Agent— Assistant, created, 3—101. Deputy, abolished, 3—100. Federal Reserve Banks— Reduction of capital— Federal Advisory Council favors, 1—394. American Bankers Association, 2—6. Surplus increased. Federal Advisory Council favors, 4—1173, 1177. Federal Reserve Board— Act, June 21, 1917, 3—497. Explanation of, 3—501, 509, 660. Interpretation, section 22, 3—614, 694. Text, 3—511. Act, September 7, 1916, 2—439. Act, September 7, 1916, error. Acceptances up to 100 per cent, 2 —508, 513; 3—101,191, 658. Act, September 24, 1918, 4—1055. Act, March 3, 1919. Explanation of, 4 —1055. Amendments, House and Senate, 3—153. Amendments reintroduced, April 1917, 3—336. Anticipation of reserve payments, 2 —5, 661, 668; 3—1, 101. Clearing members, 3—101. Collateral notes. Member bank 15-day, 2 —323. Comparison, House and Senate bills, 3—177. Congress adjourns. No action, 3-235. Directors fees, section 22, 3—101. Domestic acceptances, 2 —323. Federal. Use of word, 2—373; 3—615; 4—521. Federal Advisory Council— Favors, with some modifications, reversing its original recommendations, 3—340. Opposes power to Federal Reserve Board to increase member bank reserves, 3—108. Federal Reserve Agent— Assistant, title created, 3—101. Deputy, title abolished, 3—101. Federal Reserve notes, issue against gold, 2—101, 191, 323; 3—101. Foreign banks and branches, 2 —323; 3—450. Foreign exchange bank. Federal Reserve Board opposes, 4—724. Limiting use of words “Federal” and “Reserve,” 2—373. Minimum deposit of United States bonds with United States Treasurer abolished, 3—101, at 104. • Mutual savings banks. Admission, 3—101. National banks. Branches, 3—101. Opposes foreign exchange bank, 4—722, at 724. Real estate loans, 2 —323. Report, Home Committee, 3—191. Report, Senate Committee, 3—188. Reserve. Use of word, 2 —373; 3—615; 4 —521. 24 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. AMENDMENTS PROPOSED AND ENACTED— Con. Federal Reserve Board—Continued. Reserves— All, to be carried in Federal Reserve Banks, 3—192. Anticipation of required payments, 2—5, 661, 668; 3—101; Clearing members, 3—101. Lowered, 3—101. Power to increase member bank, 3—101, at 102, 108. Vault, abolished, 3—101. State banks. Admission of certain, without required capital, disapproved, 3—764. Statement as to amendments, 3—1, 98. Section 9. State banks and trust companies, 3—336. Suggestions 4 —696. Two-year limitations as to Federal Reserve Board members changed, 5—20, 229. Federal Reserve notes— Issue against gold, 2—101, 191, 323; 3—101. Rejected by H. R., 3—191. Federal Advisory Council favors, 3—106. Small denominations, 4 —416, 948. Fiduciary powers, 4 —415, 948, 1086. Amendment construed, 5—362, 363. Foreign banking corporations. ( See Edge Act.) Foreign banks and branches— Federal Reserve Board, 2 —323; 3—450; 5—705, 727, 820, 965, 1056, 1109. Text, 6—56. (Edge Act.) (See Edge Act.) Foreign coin. ( See Gold certificates.) Foreign exchange bank. Federal Reserve Board opposes, 4 —722, at 724. Gold certificates. Issue against bullion and foreign coin. United States Revised Statutes, section 5193 repealed, 2 —311. Hardwick Amendment— American Bankers Association— Committee of twenty-five, 3—428. Committee of five. Report, 4 —962. Conference, 3—428. Construction, Federal Reserve Board, 3—656, 661. Exchange charges, 3—428, 441, 656, 660, 661. House and Senate bill, 3—441. Passes House of Representatives, May 5, 1917, 3—428. Passes Senate May 9, 1917, 3—428. Insurance. (See National banks.) Member banks’ collateral notes. (See same.) Mutual savings banks. Admission, 3—101; 5—50. National banks— Domestic branches, 2 —323; 3—101, at 106; 5—21. Federal Advisory Council, 1—394; 3—106, at 109. Federal Reserve Board, 2 —323. Foreign branches. (See supra, Foreign banks and branches.) Insurance agents, 2 —440; 3—164. Real estate agents, 2—323, 440; 3—164. (See Act September 7, 1916.) Phelan bill. (See Act September 26, 1918.) AMENDMENTS PROPOSED AND ENACTED— Con. Real estate agents. National banks as, 2—323, 440; 8—164. Real estate loans, 2—323, at 326. (See Farm land loans; Real estate loans.) Reduction of capital. Federal Reserve Banks. (See Federal Reserve Banks.) Repeal of United States Revised Statutes, section 5193. Gold certificates allowed against bullion and foreign coin, 2—311. Reserve. Limiting use of word, 2—373. Reserves— Changes in requirements, 3—101, at 104; 4—416, 948, 1086. Member banks. American Bankers Association, 2 — 6 . Anticipation of payments, 2—5, 661, 668; 3—1, 101 . Power to increase, 3—101. Federal Advisory Council opposes, 3—106, at 108. Review of, 2—508-513. Savings accounts, 5—50. Vault, abolished, 3—101. Review of amendments, Federal Reserve Board, 2— 508, 513. Savings departments. National banks. Suggested amendment, 5—51. Section 9. (See Act March 3, 1919; Savings banks; State banks.) Section 10. (See Federal Reserve Board.) Section 11 (k). (See Fiduciary powers.) Section 11 (m). (See Act March 3, 1919.) Section 13. (See Act March 3, 1919.) Section 22— See supra, Directors, 3—101, 106. Federal Reserve Board interprets, 3—30. Federal Advisory Council approves with modi¬ fications, 3—106. Section 24. (See Farm land loans.) Section 25. (See Foreign banking corporations.) Section 25a. (See Edge bill.) State banks, section 9— Federal Reserve Board opposes amendment per¬ mitting certain, to enter system without required capital, 3—764. Redrafted, 3—336. State laws. (See State banks; Laws of States.) Surplus, increase of, 5—21, 228. Federal Advisory Council favors, 4—1173, 1177. Ten per cent limitation, sections 9 and 13. (See Act March 3, 1919; Ten per cent limitation; United States Revised Statutes, section 5200.) Uniform bills of lading. ( See Bills of lading.) United States bonds— Requirement for minimum deposit by national banks with United States Treasurer abolish¬ ed, 3—101. Federal Advisory Council approves, 3—106. United States council of State banking institutions. Proposed amendments, 5—50. United States one-year gold notes. Collateral for Federal Reserve Bank notes, 3—101, at 104. United States Revised Statutes, section 5154. Sepa¬ rate savings departments for savings banks con¬ verted into national banks, 5—50. INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. 25 AMENDMENTS PROPOSED AND ENACTED— Con. United States Prevised Statutes, section 5193. Re¬ pealed by act June 12, 1916. Permits gold certi¬ ficates against bullion and foreign coin, 2—311. United States Revised Statutes, section 5200—■ Act of Sept. 24, 1918. Loans of national banks in excess of the 10 per cent limitation, 4—961, 1055. Act of Oct. 22, 1919. Additional exceptions to 10 per cent limitation, 5—704, 730, 965, 1055. Text 5—965. (See Act of March 3, 1919.) United States Revised Statutes, section 5202. Act Oct. 22, 1919. New exception to 100 per cent limitation. Liabilities created by indorsement of accepted bills payable abroad, actually owned by discounting bank and discounted at home or abroad, 5—730. Text, 5—965. Vault reserves. (See Reserves.) AMERICAN ACCEPTANCE COUNCIL. Address, Gov. Harding, 5—105. Purposes of, 5—114. Successor of American Trade Acceptance Council, 5—114. AMERICAN ASSOCIATION OF STATE HIGHWAY OFFICIALS. (See Capital Issues Committee.) AMERICAN BANKERS ASSOCIATION. Amendments suggested— Clayton Antitrust Act, 2—6. Domestic acceptances, 2—6. Federal Reserve Banks— Reduction of capital, 2—6. Trust companies may deposit reserves in, 3—335. Member banks reserves, 2—6. Uniform bills of lading, 2—6. Commercial paper. Article on, 2—449. Conference with governors of Federal Reserve Banks, 2 — 1 . Governor Harding to attend convention of, 2—509. Hardwick amendment, 3—428. Report on, 4—962. McFadden gold subsidy bill. Report on, 6—1147. Par collection. Hearing on, 2—262. Savings banks. Condition of, 4—952. Secretary of Treasury addresses, 6—1125. Support pledged to Capital Issues Committee, 4—263. Treasury United States. Cooperation with, in placing Liberty bonds, 3—438. AMERICAN BUSINESS CONCERNS. Branches in foreign countries, 5—637. AMERICAN COTTON EXPORT ASSOCIATION, 5—553. AMERICAN DOLLAR. Exchange situation. (See Foreign exchange; Secre¬ tary of Treasury.) Depreciation of, abroad, cuts down our exports, 5—1011. Reasons for depreciation of, in Spain, 1913-1919, 5—1038. (See Acceptances; Dollar exchange; Foreign ex¬ change; Gold.) AMERICAN EXPEDITIONARY FORCES. Remittances to. Ruling, Foreign Exchange Division, 4—866. AMERICAN FEDERATION OF LABOR. Advises purchase of United States bonds, 6—770. (See Capital Issues Committee.) AMERICAN FOREIGN BANKING CORPORATION. List of stockholding banks in, 4—736. Foreign branches, 5 —357, 562, 854, 1154; 6 —272, 607 944, 1288. Habana Branch. Condition, 6—1167. AMERICAN INVESTMENTS ABROAD, 6—777, 780. AMERICAN RAILWAY EXPRESS CO. Discontinues special rates to United States Govern¬ ment for currency shipments, 5 —27. AMERICAN RELIEF ASSOCIATION. Purchase of foreign exchange from, 5—470. Foreign exchange transactions through, excepted from general release of Government control over foreign exchange transactions, 5—615. Dealers prohibited from purchasing exchange on specified countries except through, 5—652. AMERICAN SHIPS. (See United States vessels.) AMERICAN TRUST & SAVINGS BANK, BIRMING¬ HAM, ALA. Reasons for joining Federal Reserve System, 3—370. AMORTIZATION. Of cost of Federal Reserve notes, furniture and equip¬ ment, 2—59. AMOUNT. (See Like face amount.) AMOUNT OF RESERVES. (See Federal Reserve Bank statements; Foreign branches.) AMSTERDAM. Exchange rates on, 1914-1918,4—387, 1199; 6—1160. Amsterdam on foreign countries, 5—646. Berlin on Amsterdam, 6—1076, 1319. Christiania on Amsterdam, 6—43. New York on Amsterdam, 6—50. (See Foreign exchange rates; Amsterdam; Holland; Netherlands.) ANALYSES. Foreign exchange and currency situation. League of Nations, 6—898, 901, 902, 903, 909. ANALYSIS AND RESEARCH. (See Division of.) ANGLO-FRENCH LOAN. Payment, 6 — 901, 1129. ANNUAL ABSORPTION OF SECURITIES IN UNITED STATES, 5—1014. ANNUAL ELECTION. Directors, 1—211. Officers and employees, 2—2, 64. (See Directors.) ANNUAL EXPENDITURES. (See Expenditures.) ANNUAL RATE OF EARNINGS. (See Discount and open-market operations; earnings.) 26 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. ANNUAL REPORT. Federal Reserve Board, 2—51, 99. 1917, 4—69, 79. 1918, 5—529. 1919, 6—223, 239. Comptroller of Currency. Year ending October 31, 1916, synopsis, 3—172. Secretary of Treasury, 4—18. Farm Loan Board, 5—129 ANONYMOUS CIRCULAR, 2—53. ANTI-PROFITEERING. (See Act, August 10, 1917.) ANTICIPATING. (See Allotments; Taxes; United States Treasury certificates.) ANTICIPATION. Payment of final reserve installment, 2—5, 661, 668; 3— 1, 101. Of taxes by issue of Treasury certificates. (See United States Treasury certificates.) ANTWERP. Foreign exchange rates. Paris on, 6—1074. (See Belgium; Foreign exchange rates.) APPEALS. (See Redistricting.) APPLES. Proper warehouse requirements for, 4—404. APPLICATION. Stamp tax to instruments, etc., issued by Federal Reserve banks, 1—211. To capital stock of Federal Reserve banks, 1—211. APPLICATION FORM. (See Liberty loan.) APPLICATIONS. Amendment to Regulation F, 1917, fiduciary powers, 4— 1215. Sale as agent of war savings certificates, 4—87. Supplementary. (See Fiduciary powers.) Surrender of stock— (See Dividends.) (See also Capital stock; Capital Issues Committee.) APPOINTMENTS. Yearly terms for employees, 2—51. (See Deputy chairman; Directors; National bank ex¬ aminers; Tenure of office.) APPORTIONMENT. Of assessments, 1—307. (See Organization expenses.) APPRECIATION. Of American dollar abroad cuts down our export trade, 5— 1011. Of gold lira in Italy, 5—846. APPROPRIATIONS, ESTIMATES AND. Comparison, 1920, 5—1105. APPROVAL OF SECRETARY OF TREASURY. (See Act of Oct. 6, 1917; Licenses; President of United States.) APPROVED RESERVE AGENTS. Aggregate of reserves in vaults, in Federal Reserve banks, and with, must equal total reserves re¬ quired, 2—606. APPROVED RESERVE AGENTS—Continued. Amounts due to national banks from, 1915-1917, 3— 484. (See Uncollected funds.) Federal Advisory Council and Federal Reserve Bank of Richmond favor anticipation of final reserve payments to the end that deposits with, shall cease to count as reserves, 2—5, 668. State banks, unless so required by State law need not have a national bank as, 1—75. ARCHITECT. Employment of a consulting, 5—313. ARGENTINA. Advances, deposits, and discounts, banks of, 1914- 1919, 6—599. Agreement with, as to foreign exchange, 4—75, 76. Banco de la Nacion; condition, 1913-1919, 6—597. Banking and financial conditions in, 6—592. Banks of. Condition, 1914-1919, 4—739; 6—488,599. Buenos Aires— Banks, condition, 5—639. Exchange rates on foreign countries, 6—598. First National Bank of Boston. Branch in, 4— 1079, 1080; 6—1298. Foreign exchange rates—• New York on, 6—598. On foreign countries, 6—598. Credit to Allies, 6—596. Credits in Federal Reserve Bank of New York, 4— 941. Debt, public, 6—596. Foreign branches in— First National, Boston, 4—1080; 6—1298. National City Bank, New York, 4—943. Gold conversion fund, 1900-1919, 5—140; 6—145,1297. Gold embargo, 6—778. Gold exports from United States to, since removal of embargo, 5—1017. Gold reserves, 1913-1920, 6—1296, 1297. Government aid to foreign commerce, 5—1048. Loans placed in United States, 5—33; 6—596. Monetary system of, 6—593. Notes in circulation, etc., 1914-1919, 5—849; 6—488, 599. United States Government and other loans placed in, 5— 33; 6—596. (See Buenos Aires.) ARIZONA. National banks in, authorized to exercise fiduciary powers, 2—523. Laws as to acceptances, 3—529. Laws as to reserves, 3—768. Amendments to banking law3, 5—658. ARKANSAS. Warehouse laws, 1—260. Exercise of fiduciary powers by national banks in, 2—523. Acceptance laws, 3—529. Reserves, laws as to, 3—768. Banking law amendments, 5—568. ARMISTICE. Three hundred millions of hoarded money returned to banks since, 5—205. INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. 27 ARMY MEAL TICKETS. Federal Reserve Banks may request member banks to receive, for collection, 4—938. ARRIVAL OF CAR. Draft payable on, held nonnegotiable and can not be discounted bv Federal Reserve Banks, 1—219; 4—31, 436, 437. A draft payable on, is in effect a time draft and subject to stamp tax, 4—31. ( See Bills of exchange; Federal Reserve Banks; Tax, Stamp.) ASIA BANKING CORPORATION, NEW YORK. History of, 4 —818. Foreign branches, 5—357, 562, 854, 1154; 6—272, 607, 944, 1298. ASSESSMENTS. Apportionment of, 1—307. Expenses, Federal Reserve Board— July-December, 1915, 1—119. January to June, 1916, 2—7. July-December, 1916, 2—318. JaDuary-June, 1917, 3—23. July-December, 1917, 3—525. January-June, 1918, 4 —24. July-December, 1918, 4 —608. January-July, 1919, 5—130, 722; January-July, 1920, 6—132, 726, 828. ASSETS, ADMISSIBLE, 5—472. ASSETS AND LIABILITIES. ( See Conditions; Resources and liabilities.) ASSETS, EARNING. 1914-1919, 5—771. Inadmissible, 5—472. Increase in, 5—3. (See Discount operations; Earning assets.) Purchase of. (See National banks.) Quick, 3—527. (See Commercial paper; Statements.) Sale of. (See Earning assets; National banks; Re¬ sources; Total earning assets.) (See Earning assets; Total investment operations.) ASSIGNABILITY. Government vouchers are not assignable under United States Revised Statutes, section 3477, but Federal Reserve Banks may discount notes, otherwise eligible, secured by such vouchers, 3—28S. ASSIGNEES OF UNITED STATES ONE-YEAR TREASURY NOTES. Take them free from obligation of Federal Reserve Banks to renew them, 2—330. (See United States one-year Treasury notes.) ASSIGNMENT. Of United States bonds for purchase by Federal Re¬ serve Banks. (See United States bonds.) ASSISTANT FEDERAL RESERVE AGENT. (See Federal Reserve Agent.) ASSISTANT SECRETARY OF FEDERAL RESERVE BOARD. R. G. Emerson, appointed, 5—918. ASSISTANT TREASURER OF UNITED STATES. Unfit Federal Reserve notes. (See Federal Reserve notes.) ASSOCIATE MEMBERS. Mutual savings banks, having no capital stock, sug¬ gested for membership, 3—100. (See Savings banks.) ASSOCIATED ADVERTISING CLUBS. Cooperation with Capital Issues Committee, 4—266. ASSOCIATIONS, EXPORT, 5—419. Webb Act. (See Edge Act; Foreign banking corpora¬ tions.) ASSURED REVENUES, SEC. 14, 2—170; 3—32. (See Warrants.) AT HOME OR ABROAD. (See United States Revised Statutes, section 5202. ATHENS. (See Foreign exchange rates.) ATLANTA. (See Federal Reserve Bank of Atlanta.) ATTACHED. Construction of word. Does not necessarily mean physical attachment, 3—765. ATTORNEY GENERAL OF KENTUCKY. (See Kentucky.) ATTORNEY GENERAL OF MISSOURI. (See Fiduciary powers.) ATTORNEY GENERAL OF UNITED STATES. (See, Opinions, Attorney General of United States.) ATTORNEYS’ FEES. (See Fees; Negotiable.) AUDIT. Gold settlement fund. (See Gold settlement fund.) AUDITORS. Conference of, and transit managers, 4—1175. AUSTRALIA. Commonwealth Bank of Australia. Note issue de¬ partment created, 6—1321. Debt and resources, 1913-1918, 4—272, 1057-1077. Gold production, 1909-1919, 5—19. Handling of bills of exchange in, 5—447. Loans placed in U. S., 5—33; 6—688. Price movements, 5—476. Silver production, 1900-1918, 5—141. United States Government and other loans placed in, 5—33; 6—68S. Wholesale prices, 1913-1920, 6—279, 506, 511, 616, 621, 708, 711, 849, 905, 954, 961, 1069, 1079, 1198, 1208, 1310, 1323. AUSTRIA-HUNGARY. Banks of issue. Condition, 3—331; 5 —849; 6 —488. Gold reserves, 3 —331; 6 —1296. National debt, 3—18; 4—283, 1062, 1075; 5—849, 1200. Trading with, forbidden, 5—853, 854. War loans, 3—349; 4—283, 1062, 1075; 5—849, 1200. AUSTRO-HUNGARIAN BANK. Condition, 1913-1919, 4—245, 1167; 5—197, 295, 463, 648, 1200. Discounts and Government securities, 4—1167. Gold reserve, 1900-1920, 5—849, 1200; 6—144, 1297. Notes, etc. (See supra, Condition.) AUTHORITIES, STATE. (See State banks.) 28 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. AUTHORITY TO ACCEPT. None needed unless in excess of the 50 per cent limitation, 1—126. AUTHORITY TO GUARANTEE AN ACCEPTANCE. ( See Acceptances; Guaranty.) AUTOMOBILE ACCESSORIES. Terms of sale, 6—258, 261. AUTOMOBILES. Terms of sale, 6—258, 261. (See Acceptances; Bill of lading; Warehouse receipt.) AVAILABILITY AT PAR. Drafts of member banks on Federal Reserve Banks, 3—78. (See Clearing system; Federal Reserve exchange drafts; Immediate credit at par.) AVAILABILITY OF UNCOLLECTED FUNDS. (See Clearing system.) AVERAGE MATURITY OF BILLS PURCHASED. (See Discount and open-market operations.) AVERAGE MONTHLY SALES. (See Retail trade.) AVERAGE RATE OF EARNINGS. (See Discount and open-market operations.) AVERAGE SIZE. Items rediscounted by Bank of France, 6—1018. Member bank collateral notes, 6 — 1017. Member bank rediscounts, 6—1017, 1018. (See Discount and open-market operations.) AVERAGE STOCKS. (See Retail trade.) B. BABSON’S BUSINESS BAROMETER, 5—331. BALANCE, BANK. (See Bank balances.) BALANCE OF TRADE. Analysis, United States, 5 —526; G—900, 902. Canada, 5—1143. Denmark, 1912-1917, 6—39. France, 6—959. Gold reserves can be maintained only when balance of trade is favorable, 5—124. Great Britain, 6—908. Norway, 1912-1917, 6—39. Reserve. (See Reserves.) Restoration of normal, necessary, 5—194, 816. Sweden, 1912-1917, 6—39. United States balance of trade, 5—526; 6 — 900, 902. When exports and imports balance there will be no export problem, 5—614. Great Britain and Spain, 1913-1919, 5—1038. Spain and France, 1913-1919, 5—1038. United States, 2—661; 5—194, 526, 536, 614, 816, 1038. (See Exports and imports.) BALANCE ON OPEN ACCOUNT. (See Trade acceptances.) BALANCE, SAVINGS. Available for export trade not large. Financing in excess of, will result in increased prices, 5—613. BALANCE SHEET OF WAR. European countries, 4 —1057. BALANCE SHEETS. (See Assets and liabilities; Bank of Spain; Bank of England, etc.) BALANCES. Large foreign, of our manufacturers, 6—1128. (See Clearing house balances; City banks; Bank bal¬ ances; Interest.) BALANCES, DOLLAR. Due to a foreign bank can not be offset by foreign currency balances due from same bank, 6—963. BALANCES DUE FOREIGN BANKS. (See Foreign banks.) BALANCES, EXPORT, 2—663. BALANCES, FICTITIOUS RESERVE. Gold control by wiping out, 3—2. BALANCES, NONMEMBER BANK, 3—617. (See Clearing system.) BALANCES, RESERVE, 3—660. (See Clearing system; Rulings, Federal Reserve Board.) BALLOTING. (See Directors.) BALTIMORE. Redistricting decision postponed, 1—86. Question of branch bank postponed, 3—440. Branch bank, 4—10, 256. Directors, 5—126; 6—61. Employees, 5—778. BANCO DE CHILE. Condition, 1914-1919, 6—1057. BANCO DE LA NATION. (See Argentina.) BANCO ESPANOL DE LA ISLA DE CUBA. Condition, 1914-1920, 6—1166. BANCO INTERNACIONAL, CUBA. Condition, 1918-1919, 6—1167. BANCO MERCANTIL AMERICANO DE CUBA. Condition, 1919, 6—1168. BANCO NACIONAL DE CUBA. Condition, 1914-1920, 6—1166. BANK, BANKS. Morris plan banks are “banks” under Clayton Act, 3—527. Word construed to include savings and loan associa¬ tions under section 8, Clayton Act, 2—118. (See Acceptance liabilities; Argentine banks; Branch banks; Buenos Aires banks; Buildings; Central banks of Europe; Chain of banks; Chile; Clear¬ ings; Clerks; Commercial banks; Commonwealth Bank of Australia; Consolidations; Correspondent banks; Cost of premises; Credit banks; Deposits; Directors; European central banks; Farm Loan Banks; Federal Reserve Banks; Foreign bank branches and agencies; Foreign banks; Foreign exchange banks; German banks; Holdings; Insol¬ vent banks; International bank; Issuing banks; Joint stock banks; Liquidating banks; Loans; Member banks; Mutual savings banks; National banks; Net deposits; New York Clearing House banks; Nonmember banks; Philippine national bank act; Private banks; Regrouping; Savings banks; State banks; United States Treasury cer¬ tificates; Trust companies; War Trade Board.) INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. 29 BANK ACCEPTANCES. Chart. January-August, 1915, 1—234. (See Acceptances.) BANK ACCEPTANCES. (See Federal Advisory Council; Acceptances.) BANK ASSOCIATIONS. (See American Bankers Association; State Bankers Association.) BANK BALANCES. Clearing-house conference on, 6—157. Increasing at financial centers, 5—101. Interest rates on, 6—3, 157. (See Computation of reserves; Foreign banks; Re¬ serves; Interest.) BANK, CENTRAL RESERVE. South Africa, 6—1040. BANK CLERKS. Deferred classification. Draft law, 4—597. BANK CREDITS. A factor as to high prices, 5—814. Expansion of, 1917, 3—499. London banks, 1913-1918, 5—323. Situation August, 1920, 6—775. (See Credits; Inflation.) BANK DEBITS. (See Clearing-house bank debits.) BANK DEPOSITS. Chart, 2—222. Currency. Prices and, 6—247. Gross individual and bank, 2—221. Interest on. (See Interest.) Member banks, 1914-1920, 6—726, 728. National banks, 1914-1919, 5—781, 782; 6—726, 728. (See Deposits; Gross deposits.) BANK EXAMINATIONS. Cost, old and new system, 2—122. BANK OFFICERS, CERTIFICATE OF. (See Certificates; Eligibility.) BANK EXAMINERS, NATIONAL. Conference, 1—217. BANK FAILURES. At Seattle, 3—155. Last 3 years compared with last 33 years, 3—939. (See Business failures.) BANK FtR HANDEL UND INDUSTRIE (DARM- STADTER BANK). Condition, 1914-1919, 6—1050. BANK INVESTMENTS. Federal Reserve Board as to, in foreign Government obligations, 2—661; 3—2, 82, 236, 239, 652. (See British exchequer notes; Investments.) BANK NOTES. (See Federal Reserve bank notes; Federal Reserve notes; National bank notes; United States 1-year Treasury notes.) BANK OF BELGIUM. Central banking in Belgium during German occupa¬ tion, 5—435. Gold reserves— 1900-1918, 5—140. 1910-1920, 6—144, 1297. Notes in circulation, etc., 6—849. (See Belgium.) BANK OF BRAZIL. Condition, 1913-1919, 6—821. (See Brazil.) BANK OF DENMARK. Gold reserves, 1910-1920, 6—1297. BANK OF ENGLAND. Comparison with Federal Reserve System, 2—658; 3— 681; 5—463, 648, 848, 849, 1200. Condition statements, 3—234, 329, 500, 681, 942; 4— 243, 996, 998, 999, 1167; 5—140, 197, 463, 648, 1007, 1200 ; 6—334, 485, 488, 893, 1070, 1199, 1312. Currency notes, 3—11; 6—6, 843, 954, 1069, 1070, 1199, 1312. Discount rates, 6—446, 955, 1070, 1199, 1312. Foreign agent of Federal Reserve Bank of New York, 3—4, 5. Gold earmarked for Federal Reserve Banks, 3—504. Gold reserves, 1910-1920, 6—144, 488, 667, 1295, 1296, 1297. Loans to Government, 1914-1917, 3—942. Note circulation, etc., 3—331; 6—185, 842, 954, 1069, 1199, 1312. (See Great Britain.) BANK OF EUFALA, ALA. Reasons for joining Federal Reserve System, 3—365. BANK OF FRANCE. Average size of items discounted, 6—1018. Charter, renewal of, 5—339. Comparison with Federal Reserve System, 2 —659; 3—681; 5—463, 648, 848, 1200. Condition of, 3—234, 329, 500, 681, 943; 4—243, 996, 998, 1000, 1167; 5—140, 197, 463, 648, 849, 1008, 1200; 6—334, 485, 487, 893, 1073, 1203,1296, 1315. Foreign agent of Federal Reserve Bank of New York, 3—175. Gold reserves— 1900-1919, 3—14; 6—144. 1920, 6—144, 372, 667, 1203, 1297. Loans to Government, 3—943. Notes in circulation, etc. (See supra, Condition.) Report of, 1919, 6—372. (See France.) BANK OF ISSUE, INTERNATIONAL. (See International Bank of Issue.) BANK OF ITALY. Comparison with Federal Reserve System, 2 —659; 3—681; 5—463, 648, 848, 1200. Condition of, 3—331, 681; 4—996, 1167; 5—140, 463, 648, 840, 844, 1200, 1296; 6—488, 1297. (See Bank of Naples; Bank of Sicily; Italy.) BANK 0 1—38. Regulation 7 superseded by E, 1915, 1—39. Regulation 9 superseded by I, 1915, 1—43. Regulation 13 superseded by Circular 3, 1915, 1—36. 1915, superseded— Circular 5, 1915, superseded by Circular 11,1915, 1—14. Regulation D, 1915, superseded by Regulation J, 1915, 1 — 45 . Volume 1, 1915. Series of 1915— Circular 1, 1915. Issuance of circulars and regulations, 1—36. Circular 2, Regulation A, 1915. Acceptance of credit statements in lieu of certificates, 1—36. Circular 3, Regulation B, 1915. Commercial paper, 1—36, 37, 213. Circular 4, Regulation C, 1915. Six months’ agri¬ cultural paper, 1—38. Circular 5, Regulation D, 1915. Superseded by Circular XI, Regulation J. Circular 6, Regulation E, 1915. Time deposits and savings accounts, 1—38, 39. Circular 7, Regulation F, 1915. Purchase of war¬ rants, 1—39, 40, 220. Circular 8. Waiver of demand, notice, and pro¬ test, 1—41. Circular 9, Regulation G, 1915. Increase and decrease of capital stock Federal Reserve Banks, 1—42. Circular 10, Regulation H, 1915. National banks as executor, etc., 1—42, 43. Regulation I, 1915. Loans on farm lands, 1—43. Circular 11, Regulation J, 1915. Bankers’ accept¬ ances, 1—44, 45. Circular 12, Regulation K, 1915. Acceptances by member banks 1—46. Circular 13, Regulation L, 1915. Clearings be¬ tween Federal Reserve Banks, 1—148. Circular 14, Regulation M, 1915. Membership of State banks, 1—145. Circular 15, Regulation N, 1915. Changes in capital stock, Federal Reserve Banks, 1—148. Regulation 0, 1915. Issue and redemption of Federal Reserve notes, 1—215. Circular 16, Regulation P, 1915. Trade accept¬ ances, 1—216. Circular 17, Regulation Q, 1915. Commodity paper, 1—310. Circular 18, Regulation R, 1915. Bankers’ ac¬ ceptances, 1—310. Circular 19, Regulation S, 1915. Open-market purchases of bankers’ acceptances, 1—434. Designation of reserve cities, requirements, 1—49. CIRCULARS AND REGULATIONS—Continued. Volume 2, 1916— Circular 11, Regulation —, 1915. Holding of pub¬ lic and political offices by directors, 2—16. Circular 20, Regulation T, 1915. Open-market operations, 2—15. Regulation I, 1915. Certificate of officer making farm land loan complies with, 2—120. Regulation O, 1915. Amended; changes of Fed¬ eral Reserve note redemption to be met by issuing bank, 2—111. Circular 18, Regulation Q, 1915. Staples defined, 2—523. Circular 20, Regulation T, 1915. Open-market operations, 2—15. Revised draft being prepared, 2—99. Circular 2, 1916. Review of 1915 regulations, 2—530. Special instructions No. 2,1916. Bankers’ accept¬ ances; Cable transfers; Foreign bills of ex¬ change; Domestic bills of exchange; Redis¬ counts, agricultural paper, 2—529. Circular 2, Regulation A, 1916. Rediscounts, 2—530. Circular 2, Regulation B, 1916. Open-market operations, 2—532. Circular 2, Regulation C, 1916. Dollar exchange drafts, 2—534. Circular 2, Regulation D, 1916. Time deposits and savings accounts, 2—534. Circular 2, Regulation E, 1916. Purchase of war¬ rants, 2—535. Circular 2, Regulation F, 1916. Fiduciary powers, 2—536. Circular 2, Regulation G, 1916. Loans on farm lands, 2—537. Explanation, 2—606. Circular 2, Regulation H, 1916. Membership of State banks, 2—538. Circular 2, Regulation I, 1916. Increase and de¬ crease of capital stock, Federal Reserve Banks, 2—541. Circular 2, Regulation J, 1916. Check clearings, 2— 542. Clayton Act, Kern amendment. Special instruc¬ tions No. 1, 1916, 2—389, 392. Federal Reserve Bank of Chicago, clearing sys¬ tem, 2—312. Federal Reserve Bank of New York, vault reserves, 2—669. Tennessee bankers, rediscount operations, 2—4. Volume 3, 1917- Regulation A, 1917. Rediscounts, 3—539. Regulation B, 1917. Open-market operations, 3— 541. Regulation C, 1917. Acceptances, 3—542. Regulatioh D, 1917. Time deposits and savings accounts, 3—543. Regulation E, 1917. Warrants, 3—543. Regulation F, 1917. Fiduciary powers, 3—545. Regulation G, 1917. Loans on farm lands and real estate, 3—546. Regulation H, 1917. State bank membership, 3—546. Regulation I, 1917. Increase and decrease of capital stock, Federal Reserve Banks, 3—548. INDEX-DIGEST OF FEDERAL, RESERVE BULLETIN. 45 CIRCULARS AND REGULATIONS—Continued. CIRCULARS AND REGULATIONS—Continued. Volume 3, 1917—Continued. Regulation J, 1917. Check clearing and collec¬ tion, 3—549. Memphis Agency, 3—168. National banks acting as insurance agents, Comp¬ troller of Currency, 3—164. Purchase of Government bonds by a Federal Reserve Bank, 3—80. Idaho banking department, admission of State banks, 3—599. Notes and bills, collection of, Federal Reserve Bank of New York, 3—743. ( See also Liberty loans.) Volume 4, 1918— War-savings certificates and thrift stamps, United States Treasury, 4—87. (See Secretary of Treasury.) Volume 5,1919— Federal Reserve Agents to prepare circular on acceptances, 4—415; 5—4)30. Regulation F, 1919. Trust powers, 5—438. Schedule of availability. Collection of banker’s acceptances, Federal Reserve Bank of New York, 4—245. Volume 6, 1920— Regulation F, 1919. Readily marketable securi¬ ties, 6—385. (See Bills receivable; Fiduciary powers; Trust funds.) Regulation A, 1920. Rediscounts under section 13, 6—1179 A. Notes, drafts, and bills, 6—1179. B. Bankers acceptances, 6—1180. (See Discounts.) Regulation B, 1920. Open-market purchases of bills of exchange, trade acceptances, and bankers’ acceptances, under section 14, 6— 1181. (See Acceptances; Discount and open-market operations; Open-market operations.) Regulation C, 1920. Acceptances by banks of drafts and bills of exchange, 6—1182 (See Acceptances.) Regulation D, 1920. Time deposits and savings accounts, 6—1182. (See Savings accounts; Time deposits.) Regulation E, 1920. Purchase of warrants, 6— 1183. Volume 6, 1920—Continued. Regulation J, 1920. Check clearing and collec¬ tion, 6—1189. (See Clearing system.) Regulation K, 1920. Banking corporations au¬ thorized to do foreign banking business under section 25(a), Edge Act, 6—379, 1190. (See Edge Act; Foreign banking corporations.) Regulation L, 1920. Interlocking bank direc¬ torates under Clayton Act, 6—1193. (See Clayton Act.) CIRCULATING NOTES. Of rechartered banks, 4—422. (See Comptroller of Currency.) Right of national banks to increase issue of, 2—65, 72. CIRCULATION, NOTE. Abroad. Discussion, 6—6, 667, 902, 909, 928. Central banks of Europe. (See Central banks of issue.) Federal Reserve notes. (See same.) France, Great Britain, Italy, 6-909. League of nations on, 6—898, 901, 909. Circulation, money in, 3—500, 562 ; 4—506, 684 795 1042, 1160, 1253; 5—47, 181, 292, 404, 510, 606! 698, 788, 810, 838, 902, 1006, 1101, 1198; 6—109 210, 327, 435, 551, 659, 762, 890, 1014, 1121 1250, 1368; 1917-1920, 6—730. Per capita. (See supra, Circulation, money in.) Senate resolution, 6—558, 582. United States, 6-667. (See also Comptroller of Currency; Federal Reserve Banks; Federal Reserve Bank notes; Federal Reserve notes; German Reichsbank; India; Na¬ tional banks; Note circulation; Paper currencv War finance.) ’ (See Principal banks by name.) CITIES, FEDERAL RESERVE BANK AND BRANCH. Commercial rates, 4—812, 1016, 1106, 1209; 5—74, 265 376,482, 577, 667, 750, 864, 972, 1065, 1162; 6—72 172, 286, 396, 514, 622, 713, 852, 967, 1085, 1215 (See Clayton Act; Discount rates; Member bank con¬ dition statements; Member banks.) CITIZENS STATE BANK, MEMPHIS. Reasons for joining Federal Reserve System, 3—371. CITRUS FRUITS. (See Physical volume of trade.) (See Warrants.) Regulation F, 1920. Trust powers of national banks, 6—1184. (See Fiduciary powers.) Regulation G, 1920. Loans on farm land and other real estate, 6—1185. (See Farm land loans; Real estate loans.) Regulation H, 1920. Membership of State banks and trust companies 6—1186. (See State banks.) Appendix, section 9 as amende ! by act of June 21, 1917, 6—1187. Regulation 1,1920. Increase or decrease of capital stock of Federal Reserve Banks, cancellation of old certificates; issue of new certificates, 6—1187. (See Capital stock; Federal Reserve Banks.) CITY BANKS. Method of granting accommodations to correspondent banks, 6—584. CITY, CENTRAL RESERVE. (See Reserves.) CITY, RESERVE. Requirements for designation as, 1—49 CLASS A DIRECTORS. (See Directors.) CLASS A REPORTS. Ruling, Foreign Exchange Division, 4—1121. CLASS B DIRECTORS. (See Directors.) CLASS C DIRECTORS. (See Directors.) 46 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. CLASSES. Condition of State member banks and trust companies by, 4—796, 798, 799, 916, 917, 919, 920; 5—184, 187, 296, 298, 406, 514, 516, 520, 905, 906, 1007; 6—329, 330, 438, 439, 764, 765, 1005. Discounts of bills by. ( See Discount and open- market operations.) Of accepting institutions. ( See Discount and open- market operations.) CLASSIFICATION. Agricultural paper, 3—114. Bank clerks; draft law. 4—597. Bank loans. Essential and nonessential, 4—261. Earning assets, 5—771. ( See same.) European demand for credits, 5—1013. Member banks. Election of directors, 2—670. Municipal expenditures. ( See Capital Issues Com¬ mittee.) Priority, War Trade Board, 4—1089. State member banks and trust companies, loans and discounts, 4—796, 798, 916, 917, 919, 920; 5—187, 296, 298, 406, 516, 520,1007: 6—333, 444, 766,1007. CLAYTON ANTITRUST ACT. ACT OF OCTOBER 15, 1914. ACT OF MAY 15, 1916 (KERN AMENDMENT). Act of May 26, 1920. ( See infra, Private banker.) Advisory committee, members of, not necessarily officers subject to act, 3—118. Application, form of, 2—446. Attorney General of United States. Opinion by. Interlocking directors of State banks and trust companies under section 9 of Federal Reserve Act as amended by act of June 21, 1917, are not subject to the act, except in District of Columbia, whether or not member banks, 3—734, 744. Bank, banks— Savings and loan associations are banks subject to act, 2—118. Morris plan banks are subject to act, 3—527. Suburban district banks are subject to act if within limits of city over 200,000 inhabi¬ tants, 5—362. Banker. ( See Private banker.) Banking firm. ( See Private banker.) Capital stock. ( See Opinions of counsel; Mutual savings bank.) Certiorari. ( See United States Supreme Court.) City. ( See Suburban district.) Commercial credits. ( See Substantial competition.) Commodity broker. ( See Private banker.) Construction— Banks, 2—118; 3—527; 6—362. (See Banks.) Fiscal year, 2—523. Private banker, 2—589. (See infra, Private banker.) Substantial competition, 3—878. Contempt of court. (See Directors.) Counsel of Federal Reserve Board. (See Opinions of counsel.) Cumulative. Provisos of Kern amendment are, 2—396. Deposit accounts. (See Substantial competition.) CLAYTON ANTITRUST ACT—Continued. Directors— Of banks with resources over five millions elected January 1, 1916, can not serve after October 15, 1916, 1—222. Of State banks or trust companies with resources of more than five millions can not serve as directors of other State banks or trust com¬ panies which are member banks, 1—222. Amendment to section 9, Federal Reserve Act, by act of June 21, 1917, reverses this. See opinion of Attorney General of United States, 3—734, 744. Of national banks with resources over five mil¬ lions may serve on board of State banks or trust companies, whether savings or commer¬ cial banks, having resources less than five millions, if (a) the State bank is not a member bank, (b) not located in same city as the national bank, or (c) if in same city, the city contains less than 200,000 people, 1—362. May serve on boards of two banks or trust com- anies if entire capital stock of one is owned y other, regardless of the resources or loca¬ tion of either bank, 1—27, 405. May serve on national bank whose resources are over five millions and in five State banks in towns having each less than 200,000 people, none having resources over five millions, 1— 405. Two-year limitation. Section 8. Interpretation of, 1—405. Director of State bank with resources over five millions may serve not as a director, but as an officer or employee of a national bank, if not a member bank and not in same city of over 200,000, 2—224. May serve on two national banks in city under 200,000 people if neither has resources over five millions, 2—394. Person may serve as director of a mutual savings bank having no capital stock represented by shares and as director of a member bank whether or not in substantial competition, 2— 394. May serve on one other bank all of whose stock is owned by stockholders of a member bank, and also, under Kern amendment, on two other banks not in substantial competition with the member bank, 2—396. Fiscal year. Construction, 2—523. If average resources in 1915 were less than five millions, a director elected in January 1916, could serve until January 1917, 2—523 Director of national bank with resources over five millions may serve on a State bank with resources less than five millions, if (a) State bank is not a member bank, (b) not located in same city, and (c) if city has less than 200,000 people, 2—523. Director of national bank with resources over five millions could not, under original act, serve on board of another member bank; under Kern amendment he can serve on boards of two other banks if not in substantial com¬ petition with the national bank, 2—523. Enforcement of decisions by United States Circuit Court of Appeals, 2—606. Acts of directors are valid although directors later disqualified by court; after court deci¬ sions such acts would be in contempt, 2—606. INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. 47 CLAYTON ANTITRUST ACT—Continued. Directors—Continued. Certain directors allowed to serve on boards sub¬ ject to further revision by Federal Reserve Board, 3—77. Interlocking directors of State banks and trust companies, whether member banks or not, since amendment of section 9, Federal Re¬ serve Act by act of June 21, 1917, are not sub¬ ject to act, except in District of Columbia. Opinion Attorney General of United States, 3—734, 744. Permission of Federal Reserve Board to serve as interlocking director is valid until revoked, 3—763. Qualification of directors. (See Opinions of coun¬ sel.) V acancies— (See Opinions of counsel.) (,See also Advisory committee; Executive committee; Mutual savings bank; Non¬ member bank; Private banker; Private banking firm; State bank and trust com¬ pany.) District of Columbia. Interlocking directors of State banks and trust companies are subject to act in. Opinion Attorney General, 3—734, 744. Employees, qualifications of. (See Opinions of coun¬ sel.) Executive committee. Those ineligible as directors can not serve on, 2—679. Federal Advisorv Council, suggested amendment, 1— 394. Federal Reserve Board- Application, form of, 2—446. Circular, Kern amendment, 2—389. Explanation of act, 2—329, 389, 392, 446. Number of cases decided, 2—507, 588, 602. Press statement, Kern amendment, 2—514; 3— 446. United States Circuit Court of Appeals to enforce orders of Federal Reserve Board subject to certiorari by United States Supreme Court, 2—606. Valid. Permission of Federal Reserve Board to serve is valid until revoked, 3—763. Fiscal year means fiscal year of the bank in question, 2— 523. Forms, 2—391. Instructions. (Set Federal Reserve Board.) Kern amendment— As passed by Senate, 2—205. Provisos of, are cumulative, 2—396. Amended by act of May 26,1920, to permit private bankers to serve as directors of national banks and to have privileges of Kern amendment, 6—813, 948. (See Directors; Federal Reserve Board Opinion of counsel.) Loan associations. Savings and, are banks subject to act, 2—118. Morris plan banks are banks subject to act, 3—527. Mutual savings banks. May serve as director of, hav¬ ing no capital stock, and of member banks whether or not in substantial competition, 2—394. National banks. ( See Private banker; Private bank¬ ing firm.) CLAYTON ANTITRUST ACT—Continued. Nonmember bank. Director of can not serve as di¬ rector of a national bank having less than five million resources, in a city of less than 200,000 eople and also on a nonmember trust company avmg resources over five millions; could serve as director in one and as officer in other; under Kern amendment could serve as director in both if not in substantial competition, 2—329. Note broker. ( See Private banker.) Officers, qualification. ( See Opinions of counsel.) Open-market purchases. ( See Substantial competi¬ tion.) Operating under laws of United States— State member banks and trust companies operate under laws of United States and are subject to act, 1—222. See, however, amendment of section 9, Federal Reserve Act. Opinion Attorney General, 3— 734, 744. Opinions. (See Attorney General of United States.) Opinions of counsel of Federal Reserve Board— Act does not relate to qualifications of directors of State banks and trust companies; merely de¬ fines eligibility of private bankers, officers, and employees of banks organized under laws of United States, 1—27. Section 8 takas effect two years from October 15, 1916, the date of passage of act, 1—27. State member banks and trust companies, although organized under State law operate under Federal law and are subject to act, 1—222. See, howe /er, amendment of section 9, Federal Reserve Act. Attorney General of United States, 3—734, 744. Directors of State banks and trust companies hav¬ ing resources more than five millions, can not serve as directors of other State banks or trust companies which are member banks, 1—222. Changed by amendment of section 9, Federal Reserve Act. Attorney General of United States, 3—734, 744. Director of a bank with resources over five mil¬ lions, elected January 1, 1916, can not serve after October 15, 1916, 1—222, 365. Director may serve on two banks or trust com- anies if entire capital stock of one is owned y other, regardless of resources or location of either, 1—405. Two-year limitation of section 8 applies to all three paragraphs of section 8, 1—405. Director may serve on national bank with re¬ sources over five millions and on five State banks, in towns less than 200,000, all having resources less than five millions, 1—405. Director may serve on national bank with re¬ sources of less than five millions and on a State bank with resources of less than five millions if not in same city of 200,000 or more, 1—405. “Fiscal year” means fiscal year of bank in ques¬ tion, 2—523. If bank’s average resources were less than five millions during 1915, but increased beyond five-million limit during 1916, a director elected in January, 1916, could serve until January, 1917, 2—523. 48 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. CLAYTON ANTITRUST ACT—Continued. Opinions of counsel of Federal Reserve Board—Con. Director of national banks with resources over five millions may serve on State banks with resources less than five millions if the State bank (a) is not a member bank, (b) is not located in same city, (c) and city has less than 200,000, 2—523. Director of national bank with resources over five millions may serve (under Kern amend¬ ment, but not under original act) on two other banks not in substantial competition with the national bank, 2—523. Order to desist. Enforcible by United States Circuit Court of Appeals, 2—606. Penalty. No, provided under section 8, 2—606. Private banker— Can not serve, after October 15, 1916, as director of a national bank, 2—394. Act of May 26, 1920. amends Kern amendment so that private bankers may serve on boards of two other banks, whether or¬ ganized under laws of the United States or of any State, if not in substantial com- etition with such banker or member ank, 6—813, 948. Ordinary stock brokers, note brokers, and commodity brokers are not, 2—5S9. (See Opinions of counsel.) Private banking firm. Same limitations as private banker, 2—589. Procedure, 2—309, 391, 446, 514. Purchases of paper in open market. (See Substantial competition.) Qualifications, State bank directors. (See Opinions of counsel, principal heading.) Regulation. Special instructions No. 1, 1916, 2—389. Regulation L, 1920, 6—1193. Review of decisions by United States Circuit Court of Appeals. Subject to certiorari by United States Supreme Court, 2—606. Savings banks. (See Mutual savings banks.) Savings banks and loan associations are subject to act, 2—118. Section 8, no penalty provided in, 2—606. Special instructions No. 1, 1916, 2—389. State banks and trust companies. (See Directors; Opinions of counsel.) Stock. (See Directors.) Stock broker. (See Private banker.) Substantial competition— The test of, is the granting of commercial credits and solicitation of commercial deposit ac¬ counts, rather than the purchase of paper in the open market, 3—878. (See Directors; Mutual savings bank.) Suburban district. Banks in suburban districts of a city over 200,000, if within its corporate limits, are banks subject to the act, 5—362. Taking effect of act. (See Opinions of counsel, principal heading.) Term of directors. (See Opinions of counsel, prin¬ cipal heading.) Test of substantial competition. (See Substantial competition.) United States Circuit Court of Appeals. Review of decisions of Federal Reserve Board, 2—606. CLAYTON ANTITRUST ACT—Continued. United States Supreme Court. Review, by certiorari, of decision of United States Circuit Court of Appeals, 2—606. Vacancies. (See Opinions of counsel, principal heading.) CLEAN DRAFTS, 3—378. (See Acceptances.) CLEARANCE FUND, INTERNATIONAL GOLD, 5—198. CLEARANCES OF VESSELS. In foreign trade. (See Physical volume of trade.) CLEARING DEPOSITS. Of nonmember banks, 3—850. (See Clearing system.) CLEARING HOUSE BALANCES. Manner of settlement of, approved by Federal Reserve Board, 2—53. CLEARING HOUSE BANKS. Portland, Oreg., 3—930. (See Commercial paper; New York Clearing House banks.) CLEARING HOUSE, BOSTON, 3—162, 164. (See Boston Clearing House.) CLEARING HOUSE CERTIFICATES. Issues of, 4:—279. CLEARING HOUSE CONFERENCE. Interest on bank balances, 6—157. (See Interest.) CLEARING HOUSE DEBIT STATEMENTS, 4—809, 821, 823, 1002, 1103, 1206; 5—68, 147, 258, 369, 473, 571, 661, 763, 878, 9S3, 1077, 1174; 6—84, 185, 297, 407, 524, 603, 604, 635, 733, 863, 978, 1095, 1225, 1259, 1342. Comparison with price index, 6—604. (See Member banks’ condition statements.) CLEARING HOUSE EXCHANGES. (See Reserve requirements.) CLEARING HOUSES. Acceptances cleared through, 4—819. CLEARING MEMBERS. Amendment to Federal Reserve Act authorizing, 3—100. Balances, required, 3—617. Growth of membership, 3—579. Nonmember bank, deposits, 3—850. Right to advertise, 3—879. Use of words forbidden, 4—1119, 1216 CLEARING PRIVILEGES. (See Private bankers.) CLEARING SYSTEM, FEDERAL RESERVE. (See also Opinions of counsel; Par collections.) Volume 1, 1914-1915— Voluntary intradistrict plan announced March 4, 1915, 1—6, 48. (Does not cover interdistrict clearings nor settlement of balances between Federal Reserve Banks.) Circular 13, Regulations L, 1915, May 8, 1—78. Federal Reserve Board to Federal Reserve Banks on progress, 1—192. Federal Reserve Agents— Meeting of clearing committee called for Sep¬ tember 17, 1—307. Report on, October 13, 1—369. INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. 49 CLEARING SYSTEM, FEDERAL RESERVE—Con. Volume 1, 1914-1915—Continued. Federal Reserve Agents—Continued. Favors interdistrict plan. Daily settle¬ ments through gold settlement fund, 1—369. Federal Reserve Bank of New York gives imme¬ diate credit at par to drafts on Federal Reserve Bank of Richmond, 1—367. Federal Reserve Board, letter to Gov. Strong, October, 1915. Federal Reserve banks may collect checks on nonmember banks but not for immediate credit at par, 1—346. Gold settlement fund created, 1—9, 49, 78, 82. Immediate credit at par. Federal Reserve Bank of New York gives, to drafts on Federal Reserve Bank of Richmond, 1—367. List of banks joining, 1—195, 270, 321, 367, 408. ( See Gold settlement fund.) Report. Federal Reserve Agents, 1—307, 369. Volume 2, 1916— American Bankers Association, hearing, May 12, 1916, 2—262. Approved reserve agents— Member banks may continue to carry ac¬ counts with, 2—262. (See infra, Uncollected funds.) Bank transfers, Federal Reserve Board on, 2—314. Bills, notes, and drafts, collection charges for, not yet fixed, 2—264. Boston Clearing House. Country bank clearings taken over by Federal Reserve Bank of Boston, 2—317. Charges, service, Per item; practical uniformity, 2—314. Circulars and letters on— Federal Reserve Bank of Chicago, 2—312. Federal Reserve Bank of Dallas, 2—314. Federal Reserve Bank of Richmond, 2—598. Federal Reserve Board, 2—259, 260, 542. National Association Credit Men, 2—600. Conferences— Governors of Federal Reserve Banks, April 17, 1916, 2—206. Representatives of clearing houses, Chicago, June 22, 1916, 2—310. Cost of transportation. Currency shipments to be paid by Federal Reserve Banks, 2—259, 456. Cotton drafts, collection charges on, not affected by abolition of exchange charges, 2—264. Exchange charges— Abolishment of, does not prevent collection charges on cotton drafts, 2—264. National Association of Credit Men approve prohibition of, 2—600. Exchange on Federal Reserve cities. Federal Reserve Banks of St. Louis and San Francisco announce rates for dealings in, 2—315. Federal Reserve Bank of Boston takes over coun¬ try clearings, 2—315. . Federal Reserve Bank of Chicago, circular on, 2—312. Federal Reserve Bank of Richmond, circular on, 2—598. Federal Reserve Bank of St. Louis, rates for deal¬ ings in exchange on Federal Reserve cities, 2—315. CLEARING SYSTEM, FEDERAL RESERVE—Con. Volume 2, 1916—Continued. Federal Reserve Bank of Dallas, clearing plan, 2—315. Federal Reserve Bank of San Francisco— Rates for dealings in exchange on Federal Reserve cities, 2—315. Will receive items from member banks on all nonmember banks in its district, 2—314. Federal Reserve Board- Opinion of Attorney General of United States asked as to clearing system, 2—99. (See Opinions, Attorney General.) Regulation J, 1916, 2—542. Statements as to, 2—205, 261, 314, 371, 374, 509, 589. Statement that proposed suit to test legality of, is not a friendly suit, 2—374. Grain drafts. Collection charges on, not prohib¬ ited by abolition of exchange charges, 2—264. Growth of, 2—309. Hearing, American Bankers Association, 2—262. Inauguration of new clearing plan deferred to July 15, 1916, 2—262. Indorsement of items, 2—314. Indorsement of clearing plan by a banker, 2—599. Interdistrict clearings— Conference, 2—-206. Establishment, Circular 1, 1916, 2—259. Postponed to July 15, 1916, 2—262. Intradistrict system. Additions to and with¬ drawals, 2—14, 70, 121, 169, 225, 267. Items. Collection of, from nonmember banks is voluntary, 2—456. List of banks joining, 2—14, 70, 121, 169, 267. Mandatory— New system not, 2—263. Collection of items on nonmember banks not, 2—456. Member banks may continue to carry accounts with their approved reserve agents, 2—262. Nonmember banks. Federal Reserve Bank of San Francisco will receive from member banks items on all nonmember banks in its district, 2—314. Operation of. Statements of governors of Federal Reserve Banks of New York, Philadelphia, and Chicago, 2—378, 444, 511, 590, 598, 670. Par collection. Meaning of, 2—310. Par list. Supplement to, 2—513. Reserve agents, approved. (See supra, Approved reserve agents.) Reserves. Penalties for impairment of, imposed by Federal Reserve Banks, 2—314. Shipments of money at expense of Federal Re¬ serve Banks, 2—259, 314, 456. Uncollected funds not available as reserve re¬ quired to be kept in Federal Reserve Bank, but may count as part of optional reserve permitted to be carried in vaults, in Federal Reserve Bank, or with approved reserve agents, 2—314. Voluntary— Entrance into clearing system, 2—263. Collection of items on nonmember banks, 2—456. 37599°—21-4 50 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. CLEARING SYSTEM, FEDERAL RESERVE—Con. Volume 3,1917— Advertisement. Clearing members, 3—879. Amendment to Federal Reserve Act— Clearing members, 3—100. Interpretation of, 3—657, 660. Attitude of country banker on, 3—740. Balances, clearing. ( See infra, Nonmember banks.) Boston, Federal Reserve Bank of— Takes over country clearings, 3—162. Operation of, 3—162. Charges, service— Net service charges, 3—608. Justified when banks send direct instead of through Federal Reserve Bank, 3—660. Exemption from, 3—660. For collection of maturing notes and bills, 3—661. Circular letter, Federal Reserve Bank of New York. Collection of maturing notes and bills; charges, 3—656, 661, 743. Clearing deposits, nonmember banks, 3—850. Collection charges, maturing notes and bills, 3— 656, 661, 743. Collection of maturing notes and bills, 3—656, 661, 743. Currency. ( See infra, Shipment.) Exchange charges— Country banker favors abolition of, 3—740. (See infra, Hardwick amendment.) Federal Reserve Bank of Boston— Takes over country clearings, 3—162. Admitted to Boston Clearing House, Novem¬ ber 19, 1914, 3—164. Gold certificates. ( See infra, Reserve balances.) Growth of, 3—579, 660. Hardwick amendment— Exchange charges; difference between ex¬ change and collection charges on notes and bills, 3—657, 660, 743. Immediate availability. Report of Gov¬ ernors, 3—78. Nonmember banks— Amendment. Clearing members, 3—100. Interpretation of, 3—657, 660. Permissive, not mandatory, 3—617. Federal Reserve Banks may require balances sufficient to cover checks drawn against, as well as for collection of items received from, 3—617. Clearing deposits of, 3—850. Reserve balances. (See infra, same.) Growth of membership, 3—579, 660. Operation of, in Boston district, 3—162. Operations of, 3—6, 80, 115, 162, 171, 268, 354, 455, 524, 613, 634, 680, 762, 841, 948. Payment of reserve balances. (See infra, Reserve balances.) Regulation J, 1917, 3—549. Report, committee of governors. Immediate availability at par of drafts on Federal Reserve Banks, 3—78. CLEARING SYSTEM, FEDERAL RESERVE—Con. Volume 3, 1917—Continued. Reserve balances. Federal Reserve Banka should receive in payment of, any form of United States currency on same terms as gold certificates or legal tenders, 3—660, 661. Service charges. (See supra, Charges.) Shipment of funds— If member bank ships funds by express or other than by United States mail, insured, it must bear expense, 3—615. Member banks can ship funds at expense of Federal Reserve Bank only to extent of inability to provide items to offset checks from or on account of its Federal Reserve Bank, 3—615. Transit department disbursements, 3—608. United States notes. (See supra, Reserve bal¬ ances.) Volume 4, 1918— Acceptances— Allowance for loss of interest, 4—521. Clearance of, 4—805, 819, 821. Bankers’, to be handled as cash items, 4—371. Trade, to be handled as collection and not as check or cash items, 4—372. Advertising. Clearing member, 4—1119, 1216. Amendment. (See American Bankers Associa¬ tion.) American Bankers Association— Report on exchange charges by committee of 5, 4—962. Suggested amendment, 4—964. Attorney General of United States. Nonmember banks, not clearing members, not affected by prohibition of exchange charges under sec¬ tion 13, 4—367, 370. Bankers’ acceptances to be handled as cash items, 4—372. Bill of lading drafts, collection of, 4—436. Charges— Elimination of certain service and other, 4—363, 371. Elimination of 10-cent charge on collection items between Federal Reserve Banks. When returned unpaid charge of 15 cents to be imposed, 4—371. New York Clearing House. Charges for col¬ lection of items on Federal Reserve par list to be limited to charges which would be incurred if collected through Federal Reserve Bank of New York, 4—1056. Collection charges on checks abolished by Federal Reserve Banks, 4—931. Excess service, 4—103. Service charges, 1917, 4—103. Suspension of service charges, 4—363, 371. Clearing members, advertising of, 4—1119, 1216. Collection charges. (See supra, Charges.) Collection of bill of lading drafts, 4—436. Conference of transit managers, Chicago, Novem¬ ber 11, 1918, 4—-1175. Credit. Immediate. (See infra, Immediate credit.) Currency transfers. Expense of, 4—1093. J^REX-DIGEST OF FEDERAL RESERVE BULLETIN. 51 CLEARING SYSTEM, FEDERAL RESERVE—Con. Volume 4, 1918—Continued. Exchange charges— Report, committee of 5, American Bankers Association, 4—962. Suggested amendment, American Bankers Association, 4 —964. Federal Reserve exchange drafts, 4 —806, 819. Federal Reserve Board approves recommenda¬ tions of transit managers, 4 —363, 371. Float. Conference of transit managers on, 4— 1175. Growth of, 1917, 4—75, 107. Immediate credit. Clearing house items, 4 — 806, 819. Mail transfers— To banks in other Federal Reserve cities to be by draft on Federal Reserve Bank but to be sent direct to bank to which transfer ordered, 4—371. Discount rate to be based on the 10-day rate; rate fixed, 4—371. New York Clearing House amends rules so that charges for collection of items on Federal Reserve par list are to be limited to charges which would be incurred if collected through Federal Reserve Bank of New York, 4 —1056. Operations of clearing system, 4—27, 107, 225, 340, 461, 550, 663, 774, 894, 1021, 1161, 1240. Par, telegraphic transfers at, 4—371. Par list, banks on, 4 —-75, 107. Progress of, 1917, 4—75, 107. Resolutions, clearance of acceptances. Clearing house committees of New York, Boston, Philadelphia, Chicago, etc., 4 —819, 820. Service charges, excess. ( See supra, Charges.) Service charges, 1917, 4 —103. Suspension of service charges, 4—363, 371. Telegraphic transfers at par, 4—371. Time schedules. Revision of,.4—371. Trade acceptances to be handled as collection and not as cash or check items, 4 —372. Transit disbursements, 1917, 4 —103. Volume 5, 1919— Acceptances— Bankers’, to be collected by Federal Reserve Bank of New York, 5—245. Availability of proceeds, 5—245. By all Federal Reserve Banks, 5—246. Branch banks. Items handled by, number, 5—777. Collectibility at par, by symbol to identify dis¬ trict, 5—28, 246. Collection charges, New York Clearing House, 5—243. ( See New York Clearing House.) Collection facilities of Federal Reserve Banks, 5-467. Collection outside of New York City. New York Clearing House; rules and regulations, 5—243. Exchange charges. Drawee bank can not deduct, on check of its customer drawn on his savings account and deposited by a member bank in Federal Reserve Bank for collection, 5—964. CLEARING SYSTEM, FEDERAL RESERVE—Con. Volume 5, 1919—Continued. Federal Reserve Banks, clearing services— (1) For its own member banks—• Sec. 13. Maturing notes and bills and drafts payable on presentation in any Federal Reserve district, 5—467. Sec. 16. Checks and drafts drawn on a member bank or on a bank on par list in any Federal Reserve dis¬ trict, 5—467. (2) For member banks in other Federal Reserve districts. Sec. 16. Checks and drafts on any of its member banks, 5—467. (3) For other Federal Reserve Banks. Sec¬ tion 13— Collection of checks and drafts payable on presentation within its Federal Reserve district, 5—467. Collection of maturing notes and bills payable within its Federal Reserve district, 5—467. Federal Reserve Board. Policy of. Gov. Hard¬ ing, 5—1113. Gold settlement fund. ( See same, principal heading.) Growth of, 1916-1919, 5—775. Harding, Gov.— Policy, Federal Reserve Board, 5—1113. Use of symbol, 5—28, 243. Identification of items, by symbols, 5—28, 243. Map. Banks on par list, 5—888, 892, 992, 1087, 1185. (See infra, Par list.) New York Clearing House— Availability of acceptances cleared, 5—243. Collection charges and regulations, 5—243. Operations of system, 5—97, 181, 293, 405, 511, 608, 697, 775, 803, 886, 992, 1087, 1185. Par clearing. Gov. Harding, 5—1113. Par collectibility. (See infra, Symbol.) Par list. Banks on, 5—97, 181, 293, 405, 511, 608, 697, 803, 886, 992, 1087, 1185. Par list. Growth of, 5—886, 888, 892, 1087,1185. Par point map. (See supra, Map.) Schedule of availability. Bankers’ acceptances collected by Federal Reserve Bank of New York, 5—243. Symbol. Use of, suggested by Gov. Harding to identify district and secure collection at par by member banks, 5—28, 246. Uniform acceptance collection schedule, Federal Reserve Banks, 5—246. Volume 6, 1920— Clearing operations, 6—94, 194, 308, 417, 533, 642, 724, 744, 874, 986, 1105, 1234, 1350. 1917-1920, 6—310,1016. Fiscal year 1920, 6—724. Collection— Federal Reserve Banks may receive for, ma¬ turing notes and bills drawn on firms, individuals, or corporations, not banks, of their districts, when forwarded by a mem¬ ber bank of another district for account of its Federal Reserve Bank, 6—276. 52 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. CLEARING SYSTEM, FEDERAL RESERVE—Con. Volume 6, 1920—Continued. Collection—Continued. Of check on a member bank forwarded by an¬ other member bank, to be remitted to the Federal Reserve Bank, 6—494. Exchange charges— Member bank can not deduct, on its own ac¬ ceptance forwarded by Federal Reserve Bank for collection, 6^—162. A member bank may deduct, from checks drawn on it received from another bank with instructions to remit in payment direct to Federal Reserve Bank for ac¬ count of sending bank, 6—494. Member bank may deduct, for service of col¬ lecting maturing notes and bills drawn on individuals, firms, or corporations, other than banks, 6—699. Opinions sustaining right of Federal Reserve Banks to present checks for payment at counter of banks refusing to remit at par— United States District Court, 6—496. United States Circuit Court of Appeals, 6—1303. (Pending in United States Supreme Court.) (See Exchange charges.) Federal Reserve Board. Letter to Congress on, 6—489. Fiscal year 1920, operations, 6—724. Gold settlement fund. ( See same.) Growth of system, 6—310, 724, 1016. Interdistrict time schedule, 6—746, 987. Items. Number handled, 1917-1919, 6—312. Map, par list, 6—94, 194, 308, 419, 535, 644. Member banks in system, 6—94, 194, 308, 418, 534, 643, 745, 874, 1105, 1234, 1350. Mississippi statute. Par collections, 6—387. Nonmember bank. Collection of bill of lading draft received from a, for account of a mem¬ ber bank, 6—948. Nonmember banks in system, 6—94,194, 308, 418, 534, 643, 745, 874,1105,1234,1350. Fiscal year 1920, 6—724. Operations of. ( See supra, Clearing operations.) Par clearances, Mississippi statute forbidding, 6—387. (See supra, Exchange charges; Opinions.) Par list. Banks on, 6—94, 194, 308, 311, 418, 534, 643, 745, 874, 986, 1105, 1234, 1350. Regulation J, 1920, 6—483, 1189. State banks. No coercion on, to join clearing system. Gov. Harding to Senate, 6—489. Working of system, 6—S74, 986, 1015. CLERKS. Reclassification of, under draft law, 4—597. (See Bank clerks.) CLOCKS. Terms of sale, 6—1033. CLOTH UNDERWEAR. Terms of sale, 6—812. COAL. France— Amount available in, 6—619, 1205. Production, 6—619, 710, 846, 1074, 1205. COAL—Continued. Germany— Prices, 1914-1920, 6—1207. Production, 6—907, 1207, 1318. Great Britain— Production, 6—617, 709, 844, 1071, 1313. Strike, 6—1198, 1311. Notes of water company for purchase of, are eligible, 3—527. Paper based on, in ground is not eligible, 1—126. Prices, anthracite and bituminous, 1914-1920, 6— 1213, 1214. Shortage of, 6—789. Strike, Great Britain, 6—1198,1311. United States. (See Physical volume of trade.) COAL AND COKE. Production and shipment of. (See Physical volume of trade.) Terms of sale, 6—265. (See Business conditions; Prices.) CODES, CIPHER AND CABLE, 1—15. COERCION OF STATE BANKS. Gov. Harding to Congress denying to enter clearing system, 6-^89. COFFEE. Prices, 1914-1920, 6—1214. Terms of sale, 5—1132. COIN. Abrasion of. Use of coin-counting machines depre¬ cated as causing, 3—440. Export of gold, 2—736; 4—499, 501. (See Gold.) Foreign coin. (See same.) Gold- Use of, for Christmas gifts deprecated, 3—931, 951; 4—1216. Use of, for payment of Liberty bond coupons deprecated, 6—454. (See Abrasion.) Licenses for export of, 4—76, 365 (Spain), 499, 501, 807; 5—640. Delegated to Federal Reserve Board, 4—23, 81, 449. Repeal of requirements, 5—615, 653, 853. (See Federal Reserve Board; President; Secretary of Treasury.) Silver, melting of. Pittman Act. (See Act of Apr. 23, 1918.) Trading in gold coin. Ruling, Foreign Exchange Division, 4—866. Use of, in paying Liberty bond coupons, 6—454. (See Gold; Foreign exchange transactions; Federal Reserve Board; Licenses; President; Secretary of Treasury.) COIN-COUNTING MACHINES. Use of, discouraged as causing abrasion of gold, 3—440. COINAGE ACT. Mexican silver, 5—32. COINAGE OF SILYER DOLLARS, 1878-1891, 4—397. COINAGE, WEIGHTS AND MEASURES, 5—126. (See Decimal system; Great Britain.) COKE. Prices, 1914-1920, 6—1214. (See Coal and coke; Physical volume of trade; Terms of sale.) index-digest of federal reserve bulletin. 53 COLLATERAL. Farm loan bonds not eligible as, for member bank 15-day notes, 4—33. Federal Reserve Agents. Collateral for Federal Re¬ serve notes. ( See Federal Reserve Agents, princi¬ pal heading.) Joint custody of, for Federal Reserve notes, 3—691. (See Federal Reserve Agents.) Loans. Commercial rates. ( See Federal Reserve Bank and branch cities.) Notes secured by. Eligible if note is commercial paper, 1—268. Substitution of, 3—30, 881. (See Acceptances; Security; Ten per cent limita¬ tion; Federal Reserve notes.) COLLATERAL AGREEMENT FOR REPURCHASE, 2—461. COLLATERAL LOANS. Stock exchange. (See Federal Reserve Bank and branch cities.) COLLATERAL NOTES. Drafts secured by, in turn secured by chattel mort¬ gage on cattle not eligible unless drafts are eli¬ gible, 3—690. COLLATERAL NOTES, MEMBER BANK 15-DAY. (See, Member banks’ collateral notes.) COLLATERAL SECURITY FOR FEDERAL RE¬ SERVE NOTES. Must be indorsed as to enable Federal Reserve Agent to realize on the security if necessary, 1—127, 363. (See Federal Reserve notes.) COLLATERAL TRUST NOTE. Manufacturer’s note secured by bills receivable is eli¬ gible and not debarred as a, 1—127. A note issued for carrying collateral for speculation, or collateral in nature of stocks or bonds, other than United States bonds, would be a, and ineli¬ gible for discount, 1—72, 127. COLLECTING AGENTS. Federal Reserve Banks may act as, for collection of notes, bills, etc., under section 4, subsection 7, and section 13 of Federal Reserve Act, 1—104. (See Clearing system, Federal Reserve.) COLLECTION. (See also Clearing system, Federal Re¬ serve.) Army meal tickets. Federal Reserve Banks may re¬ quest member banks to receive for collection, 4—938. Acceptances. (See Clearing system, Federal Re¬ serve.) Charges, 2—226; 3—880; 4—745. Checks. (See Clearing system, Federal Reserve.) Conditions— Index of, 5—547; 6—922, 1031. In Federal Reserve districts, 6—922. Cost of. (See Negotiability.) Drafts for. (See Bill of lading drafts; Clearing system, Federal Reserve.) Federal Reserve Agents may turn over maturing notes and bills to Federal Reserve Banks for, 3—351. Federal Farm Loan Banks may deposit in Federal Reserve Banks for, to offset coupons received for, 3—881. COLLECTION—Continued. Items on nonmember banks. (See Clearing system, Federal Reserve.) Notes and drafts. (See Clearing system, Federal Reserve.) Par. (See Clearing system, Federal Reserve.) COLOMBIA. Branch of Mercantile Bank of Americas in, 4 —737. Branch of International Banking Corporation in, 4 —947. COLORADO. Trustee powers, national and State banks, 1—150. Trustee powers, national banks, 2—523. Acceptance laws, 3—529. Reserve laws, 3—770. List of State member banks in, 4 —93. Amendments to banking laws, 5—566. Laws as to foreign banking corporations, 5—--55. COMMERCE. (Sec Government aid to foreign commerce.) Sault Ste. Marie Canal. (See Physical volume of trade.) With South America, 6—1261. COMMERCIAL BANKS. Seventy-five per cent of resources of all eligible, in United States have joined Federal Reserve System, 5—4. COMMERCIAL BANKS, EUROPE. Condition, 1914-1919, 6—1044. France, condition, 1914-1919, 6—1044, 1314. (See European central banks.) COMMERCIAL BILLS. Purchase of. (See Discount and open-market opera¬ tions.) COMMERCIAL CREDITS. Granting of, is one of tests of substantial competition under Clayton Act, 3—878. (See Credits.) COMMERCIAL FAILURES. (See Business failures.) COMMERCIAL FERTILIZER NOTES. (See Agricultural and live-stock paper.) COMMERCIAL LOANS. (See Commercial paper.) COMMERCIAL NATIONAL BANK, WASHINGTON, D. C. Foreign branches of, I—51; 4 —735. COMMERCIAL NOTES. (See Commercial paper.) COMMERCIAL PAPER. (See also Notes.) Acceptance house. Paper of, secured by commercial paper is not eligible unless proceeds used for commercial purposes, 4 —108. (See Finance paper.) Agricultural and live-stock paper. (See same.) Alteration of, will release parties, 4—1118. Article on, by J. N. Eaton, 2—449. Assets. Quick. (See infra, Public service corpora¬ tion.) Assignment of open account is not negotiable paper and is not eligible, 2—227. 54 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. COMMERCIAL PAPER—Continued. Bills of exchange. ( See Acceptances; Bills of ex¬ change, practice of handling; Discount and open- market operations.) Brokers’ paper— Note of broker secured by eligible paper, is not eligible unless proceeds used for commercial purposes, 4—10S. (See Finance paper.) Suggestions for purchases of, 2—375. Cattle paper. ( See Agricultural and live-stock paper; Cattle loans; Live-stock loans.) Charts, Federal Reserve Bank holdings of, 1—234; 3—56; 5—249. Circulars on, 1—36, 41, 44, 46, 310, 434. (See Circulars and regulations.) Coal in ground, paper based on, not eligible, 1—126. Commercial paper. Distinction between agricultural paper and, 6—1301. Commodity paper. ( See same.) Conditions as to eligibility, 1—21. Cotton factors paper. ( See same.) Cotton-loan paper. Limitations of section 5200, 2—113. Current liabilities. ( See infra, Public service cor¬ poration paper.) Discount rates. ( See same.) Discounts. Paper for carrying or trading in Govern¬ ment securities, 3—158. Distinction between agricultural implement paper and, 6—1301. Drafts. (See Arrival; Drafts.) Eligibility, test of. Public Service Corporations, 3— 527, 949. Eligible— Equity exchange paper, 3—379. Note of water company for payment of coal, pay rolls, etc., 3—527. Participation certificates not eligible, 3—949. Payable on or before date certain, 2—394. (See Payable.) Public service corporation paper. Test of eligibil¬ ity of, 3—527, 949. Renewal paper. (See same.) Equity, exchange paper. Eligible in form, 3 —379. Federal Reserve Bank, holdings of—■ Charts, 1—234; 3—56; 4—770; 6—725. (See Discount and open-market operations.) Fifteen-day rate on, 2—513. Finance company paper not eligible, 4—197. Four months’ paper favored, 3—739. Holdings of. (See Discount and open-market opera¬ tions.) Indorsement of paper securing Federal Reserve notes, 1—127, 363. Interest on— Notes falling due on Sunday or on legal holidays, 4—108. Computation of rebate of, 1—308. Legal holiday. Notes falling due on, 4—108. Minerals unmined. Paper based on, not eligible, 1— 126. Nonmember bank— Paper of, not eligible if intended as a loan to, 1—213. (See Nonmember bank.) COMMERCIAL PAPER—Continued. Notes secured by collateral. Eligible if proceeds used for commercial purposes, 1—268. One-day rate, 3—498. Ore in ground. Paper based on, not eligible, 1—126. Participation certificate not eligible, 3—949. Payable. (See same.) Pig iron. Note of a furnace company secured by, held eligible, 1—127. Preferential rates. (See same.) Proceeds. Use of, in first instance determines eligi¬ bility, 1—268; 6—1176. (See Finance paper.) Producer. Note of owner or, for materials or services is technically eligible, but undesirable when ultimate payment depends on success of trans¬ action, 6—699. Public service corporation paper. Test of eligibility, 3—527, 949. Purchase of. Federal Reserve Banks can not purchase in open market even with additional indorse¬ ment, 1—347, 360, 365, 406. Quick assets. (See infra, Statements.) Rates— One-day, 3—498. Ten-day, 1—124. Fifteen-day, 2—507. (See Discount notes.) Real estate mortgage. An eligible note is not ren¬ dered ineligible by being secured by a, 3—458. Rebate of interest on. Rule for computing, 1—308. Rediscounts— Federal Reserve Banks can not rediscount for individuals except through member banks, 2 — 112 . No limitation on, except section 13, 2—224, 274, 457. Regulation A, 1916, 2—530. Regulations. (See Circulars and regulations.) Renewals. (See Renewal paper.) Security. (See supra, Real estate mortgages.) Short-term paper favored, but not renewals, 3—733, 739, 879. Single-name paper, Federal Reserve Banks can not purchase in open market, 1—347, 360, 367, 406. Statements. Notes of public service corporations for coal, etc., are eligible if, show reasonable excess of quick assets over current liabilities, 3—527, 949. Sunday, notes falling due on, 4—108. Suspended bank. Federal Reserve Banks may re¬ quire indorsement of directors of, on paper offered, 2 — 66 . Test of eligibility. Paper of public service corpora¬ tions, 3—527, 949. Timber uncut. Paper based on, not eligible, 1—126. Warehouse receipts. Paper secured by, is eligible, 1—406. (See Warehouse receipts.) COMMERCIAL RATES. (See Federal Reserve Bank and branch cities.) COMMERCIAL TRUST AND SAVINGS BANK, JOLIET, ILL. Reasons for joining Federal Reserve System, 3—361. INDEX-DIGEST OF FEDERAL, RESERVE BULLETIN. 55 COMMERZ UND DISCONTO BANK. Condition, 1914-1919, 6—1050. COMMISSION ON INTERNATIONAL CREDITS. Resolution. International Financial Conference, Brussels, 6—1286. COMMISSIONER OF EDUCATION. Cooperation with Capital Issues Committee, 4 : —266. COMMISSIONER OF INTERNAL REVENUE. Bonds of United States. War Finance Corporation bonds are not, 5—472. Emergency revenue act, October 2, 1914. Repeal of taxes under Schedules A and B took effect Sep¬ tember 6, 1916, 2—512. Income tax— Tax exemptions on income from Liberty bonds, 3— 459, 930. Tax on stock dividends, 4 —614. A cash dividend under plan by which stock¬ holders are to pay back the amount in ex¬ change for new stock is subject to, 5—256. Stock dividends. Rule as to taxation, 5—256. Dividends defined, 5—256. Dividends paid in property or securities of another corporation are income to recipients subject to, 5—256. War Finance Corporation bonds, up to $5,000 are inadmissible assets, the income from which should not be included in computing net income, 5—472. Stamp tax— On instruments issued by Federal Reserve Banks, 1 — 211 . Not applicable to capital stock of Federal Re¬ serve Banks, 1—211. Acceptances not subject to, under act of October 22, 1914, 2—211. Acceptances— Originating; outside of but payable within United States are subject to stamp tax, under act of October 3, 1917, 3—950. Originating inside but payable outside are subject to stamp tax, 3—950. Dividends of Federal Reserve Banks not subject to, 2—153. Federal Reserve Banks not subject to tax upon charges for telephone, telegraph, and express service, 3—931. Promissory notes— Payable on demand are not held to be re¬ newed and not subject to tax when ac¬ crued interest is paid, under act of October 22, 1914, 3—950. May have interest payments indorsed thereon without becoming subject to tax if life of note is not contingent upon payment of interest and is not extended to a certain future date, 3—950. An overdue note allowed to run on is not held to be renewed on payment of interest and no stamp is required, 3—950. Stamp tax, under act of October 3, 1917, does not attach to drafts on domestic banks in con¬ nection with shipment of articles to seaboard when sold to United States agent of a foreign purchaser for export under circumstances, en¬ titling the transportation within the United States to exemption from transportation tax, 4 — 614, 1218. COMMISSIONER OF INTERNAL REVENUE—Con. Stamp tax—Continued. On negotiable instruments. Law as to stamp tax on, under act of October 3, 1917, 4—316. Parcel-post packages, 4—17. Renewal of notes, 3—950 ; 4—977. Computation of discount and interest for stamp tax, 5—249. Promissory notes given by one bank to another bank secured by War Finance Corporation bonds are subject to, 5—566. Promissory notes secured by certificates of indebt¬ edness of Director General of Railroads are not subject to, provided par value of certificates is not less than amount of note, 5—566. ( See Tax, principal heading.) Taxation. Banking committee on, appointed, 4— 1194. Trade acceptances. Drawer of, should affix and cancel stamp; acceptor may do so by agreement, 4—977. COMMISSION. British currency, report, 4—1178. Paish Commission, Gov. Hamlin explains appoint¬ ment of, 1—50. United States Monetary, 1898. Report, purchases of silver, 4—397. ( See Reports.) COMMISSIONS. Of national bank officer acting as trustee, 5—253. On sale of warrants; method of reporting, 1—309. Received by Federal Reserve Banks, 5—132. ( See Fees.) COMMITTEE. Advisory, 3—118. (See Advisory Committee.) Acceptance, 5—530. Banking and Currency, Gov. Harding to; Federal Re¬ serve notes and expansion, 5—699. (See Harding, Gov.) Capital Issues. (See same.) Currency, Great Britain, 4—1178; 5—7. Decimal system, British, 5—126. Executive. Clayton Act, 2—679. (See Executive Committee.) Export. Report. Branches of American concerns in foreign countries, 5—637. Financial facilities, British, 5—115. Gold— British committee. Report, 5—123. Interior Department. Report, 5—124. Treasury Department. Report, 5—248. Money, New York, 4—935. Suspension of, 5—205. Pittman Act, 4—396. State Department. Report. Cotton export credits, 5—554. Ways and Means, Secretary of Treasury to, 5—189. Victory loan. (See Secretary of Treasury.) COMMITTEES. District. (See Capital Issues Committee.) Of Federal Reserve Board, 1—77, 400; 2—448. COMMODITIES. Speculation in. (See Prices; Speculative activity.) 56 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. COMMODITY BROKER. Not a private banker under Clayton Act, 2—589. COMMODITY PAPER. Circular 17, Regulation 2, 1915, 1—310. Classification of, 1—307, 406. , Conditions for obtaining commodity rate, 1—406. Construction. “Staples, ” Regulation2,1915, 2—523. Cotton yarns are “staples” under Regulation 2, 1915, 2— 523; 5—652. Department of Agriculture. ( See Warehouse.) Discount— First discount, September 8, 1915, 2—43. Suspended, December, 1917, 4 —30. Discount, Federal Reserve banks, 1—425; 2—43, 90, 140, 193, 248, 297, 360, 422, 495, 575, 643, 715; 3— 61, 139, 221, 317, 408, 486, 565, 637, 716, 814, 902, 977; 4—53, 135. Eligibility. ( See Farm products; Regulation 2,1915.) Farm products. List of eligible farm products in case suspension of commodity rates should be revoked, 4 —404. Federal Reserve Board. Statements as to, 1—301,312. Food products. Perishable, not eligible as, 4 : —30. Lumber. Drafts drawn against sales of, to United States Government are not, 4 : —32. Manufactured goods are “staples” under Regulation 2, 1915, 2—523. Open-market purchases of single name, not permitted, 1—406. Perishable food products. Eligibility of, 4—30. Potatoes— Not good security for, 1—406. Above decision overruled. If properly graded and stored in proper warehouse, they are good security, 3—614. Rates— Special rates on, 1—312. Suspended, 4 —30. Regulation Q, 1915, 1—310; 2—523. Regulation A, 1916. Rule as to eligibility, 3—540. Security— Potatoes not valid, for, 1—406. Reversed, if potatoes properly graded and stored in proper warehouse, 3—614. Warehouse receipts are good, for, 1—406. Staples. ( See Cotton yarns; Manufactured goods; Regulation Q, 1915; Regulation A, 1916. Suspension of commodity rates, 4 —30. United States Government. ( See supra, Lumber.) Warehouse receipts. Valid security for, 1—406. Warehouse requirements for farm products eligible for. Department of Agriculture, 4—404. COMMODITY RATES. ( See Commodity paper.) COMMODITY. WATER. Water is “goods” under section 13, 6—949. COMMONWEALTH BANK OF AUSTRALIA. Note issue department, 6—1321. COMMONWEALTH TRUST CO. Reasons for joining Federal Reserve System, 3—362. COMPARATIVE STATEMENTS. Leading banks of issue. ( See Central banks of Europe.) COMPARISON. Earning assets, Federal Reserve Banks, 1914-1919, 5—771. Estimates and appropriations, 1920, 5—1105. Leading banks of issue with Federal Reserve Banks, 2—659; 3—234, 329, 500, 681, 942 ; 4—243, 267, 269, 375, 996, 1057, 1167; 5—140, 197, 463, 648, 849, 1008, 1200; 6—485, 487, 488, 909, 1044, 1047, 1049, 1295. COMPENSATION. Deputy Federal Reserve Agents, 1—362. COMPETITION. Substantial. ( See Clayton Act.) With United States Government, 4 —3. COMPOSITION OF EXECUTIVE COMMITTEE, 1 — 211 . COMPTOIR NATIONAL D’ESCOMPTE DE PARIS. Condition, 1914^1919, 6—1048. COMPTROLLER OF CURRENCY. ( See also National banks.) Volume 1, 1914-1915— Deposits of national with nonmember banks in excess of limitation of section 19 must be reported to, as excess loans, 1—126. (See National banks.) Federal Advisory Council recommends absorp¬ tion of office of, in Federal Reserve Board, 1—394. Guaranty of bank deposits. No plan being pre¬ pared by, 1—51. National bank. Attorney General of United States has advised, of right to contract with surety company for insurance of its deposits, 1— 51. Real estate loans acquired under United States Revised Statutes, section 5137, not to be counted in limitation of section 24, Federal Reserve Act, 1—309. State banks and trust companies must report con¬ dition to, 1—309, 319. [Changed by act of June 21, 1917. Report only to Federal Reserve Bank.] Volume 2, 1916— Certificate of, not necessary for applications for additional stock in Federal Reserve Banks, 2 — 12 . Charters, new. (See Charters; National banks, charters.) Examinations. Cost under old and new sys¬ tems, 2—122, 213. State banks and trust companies— Must report to, as to condition, dividends, and net earnings; also must make special reports to, when called for under United States Revised Statutes, sections 5211, 5212, made applicable by section 9, Fed¬ eral Reserve Act, 2—114. Comptroller may accept reports of condition on forms prescribed by State authorities or may adopt so much of form used by national banks as he may deem advis¬ able, 2—114. [Changed by act of June 21, 1917, amend¬ ing section 9. Reports to be made to Federal Reserve Banks.] (See also Federal Reserve agents; Federal Reserve notes; national banks.) INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. 57 COMPTROLLER OF CURRENCY—Continued. Volume 3, 1917— Annual report, 1916. Synopsis, 3—172. Commercial failures, 1881-1914, 3—939. Federal Reserve notes. Issues and redemptions, 1917, 3—667, 941. (See Federal Reserve notes.) Insurance. ( See infra, National banks.) Liberty loans. (See infra, National banks.) National bank notes. Issues and redemptions, 1917, 3—667, 941. National banks— Insurance agents. Regulations for national banks acting as, 3—164. Liberty loans. Work of, 3—748. Resources, 3—161, 372, 665. Reports of condition. Need not give detailed statement of money in vaults except occasionally for statistical purposes, 3— 604. Reports. Changes in call for, 3—604. Reserves. Computation of, 3—602. United States bonds. National banks may sell, owned by them, taking part cash and note of purchaser secured by the bonds, without re¬ gard to 10 per cent limitation of United States Revised Statutes, section 5200, 3—519. United States Revised Statutes, section 5200. (See supra, United States bonds.) (See National banks.) Volume 4, 1918- Bills recommended by— Bonds of officials and employees, 4—422. Branches. National banks— Recommended, 4—163. Bill, 4—424. Senate report, 4 —424. Buildings. Investment in bank, 4 —422. Report, committee House of Representa¬ tives, 4 —433. Circulating notes of rechartered banks, 4 — 422. Senate report, 4 —422. Consolidation of national banks, 4—430. Passed House of Representatives April 3, 1918, 4—431. Senate committee report, 4 —430. Became law, Act of November 7, 1918, 4 — 1178. Directors— Oaths of, 4 —421. Senate report, 4-421. Qualifications of, 4 —433. House of Representatives committee report, 4—433. Removal of, for violation of national bank law, 4 —419. Senate committee report, 4 —420. Embezzlement and false entries, 4 —426. Senate committee report, 4 —426. Guaranty of bank deposits up to $5,000, 4 — 163, 490, 595, 596. Gov. Harding explains change of view as to, 4—596. COMPTROLLER OF CURRENCY—Continued. Volume 4, 1918—Continued. Bills recommended by—Continued. Interest. Usurious rates of, 4—428. Senate committee report, 4 —428. Liquidation. Bill to provide for sale of bonds to redeem circulation of banks in vol¬ untary, 4 —425. Senate committee report, 4—425. Loans, false statement as to, 4 —424. Senate committee report, 4 —424. National bank notes. Engraved signatures, 4—423. Senate committee report, 4 —423. Overdrafts, 4 —421. Senate committee report, 4—421. Real estate. Purchase of, for transaction of business, 4 —425. Senate committee report, 4 —425. Power of. Senator Owen introduces 18 bills to increase, 4 —163. Red Cross. Authorizing subscriptions to, 4 — 428. Passed Senate April 6, 1918, 4 —428. Became law, May 23,1918, 4 —426-428,498. Stock. Transfers of, 4 —433. House of Representatives committee re¬ port, 4 —433. United States Revised Statutes, section 5200— Bill amending, 4 —431. Passed House of Representatives April 3, 1918, 4—431. Senate committee report, 4—431. (Became law in bond act of September 24, 1918), 4—961 at 962, 1055. Contingent liability. (See Acceptances; Guar¬ anty.) Farm loan bonds. National banks may discount notes secured by, 4—635. Foreign Government securities. Holdings of na¬ tional banks, 4—263. See Liberty Loan III and national banks, 4—372. Guaranty of acceptances, 4 —311. (See, however, Volume 7, Federal Reserve Bul¬ letin, May, 1921, page 547.) Liberty bond subscriptions, 4 —372. Reports. National banks, 4—182, 1093. Resources. Growth, 4—90. Volume 5, 1919— Regulation, loans on security of Government bonds, 5—441. Reports of condition, 5—250, 446, 1153. Reports, as to interest earned but not collected and collected but not earned, postponed, 5— 249. (See National banks.) Volume 6, 1920— Call reports, 6—442. National banks in California can not appoint an agent to accept drafts for them and pay same. United States Revised Statutes, sec¬ tion 5190, 6—835. (See, however, Volume 7, Federal Reserve Bul¬ letin, May 1921, page 547.) 58 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. COMPUTATION OF DISCOUNT AND INTEREST. 360-day table, 2—457. When note falls due on Sunday or holiday, 4 —108. Basis of inter-Federal Reserve Bank rediscounts fixed at 365 but later changed to 360 days, 4 —109, 744. For income tax, 5—249. Rebate of interest, 1—308, 388; 2—461. (See Interest.) COMPUTATION OF REBATE OF DISCOUNT, 1- 308. COMPUTATION, RESERVE, 3—458, 602, 614, 692; 5—963. Federal Reserve Banks, new method, 6—3. National banks, 3—602. (See Reserves.) CONCENTRATION OF GOLD, 4—694. (See Conservation.) CONDITION. Accepting banks, 5 —555. Banco de Chile, 1914-1919, 6—1057. Banco de la Nacion, Argentina, 6—597. Bank of England. (See same.) Bank of France. (See same.) Bank of Italy. (See same.) Bank of Japan. (See same.) Bank of Java. (See same.) Bank of Netherlands. (See same.) Bank of Norway. (See same.) Bank of Spain. (See same.) Bank of Sweden. (See Riksbank.) Banks of Chile, 1914-1919, 6—1058. Banks of issue, leading. ( See Banks of issue; Central banks of Europe.) Brazilian banks, 6—821. (See Brazil.) British commercial banks, 1914-1919, 6—1044. Buenos Aires banks, 5—639. Business condition report. (See Business conditions.) Central banks of Europe, 2—659; 3—234, 329, 500, 681, 942; 4—243, 267, 269, 375, 996, 1057, 1167; 5—140, 197, 463, 648, 849, 1008, 1200; 6—485, 487, 488, 909, 1044, 1047, 1049, 1295. Chilean banks, 1914-1919, 6—1057. Cuban banks, 6—1166. Canadian chartered banks. (See Canada.) Federal Reserve Banks. Beginning and end of Liberty loan IV), 5—324. Financial conditions. ( See same.) France, Bank of. (See France.) German Reischbank. (See same.) Germany, Banks of. (See Germany.) Japan, Banks of. ( See Japan.) Leading banks of issue. ( See same.) London joint-stock banks. (See Great Britain.) Member banks— Abstract of, 3—921; 4—798, 916, 920; 5—183, 296, 513, 783, 903; 6—329, 438, 764, 1005, 1006, 1105. December, 1914-March, 1919, 5—783. Weekly statement inaugurated, 3—921; 4 —61, 62. Member banks’ condition statement. ( See same.) National Bank of Copenhagen, 6—46. National banks, 2—376; 3—161, 372, 664, 665; 4—17, 90, 182, 1093; 5—250, 446, 1153 ; 6—442, 443. CONDITION— Continued. Reports of— Member banks. (See supra, same.) National banks. (See supra, same.) State member banks, 4—796, 916, 920; 5—187, 296, 298, 406, 514, 520, 906, 1007; 6—329, 438, 439, 1005, 1006. Retail trade. (See same.) Wholesale trade. (See same.) (See Reserve conditions; Review of month.) CONDITIONAL ACCEPTANCES. (See Acceptances.) CONDITIONAL RATES, 4—922. (See Rates, preferential.) CONDITIONAL SALES. (See Acceptances, trade.) CONDITIONS. Business. (See same.) Commodity rates, 1—307. (See Commodity rates.) Eligibility of paper, 1—21. (See Commercial paper.) Index of business, 4—491, 597, 697 , 810, 1005, 1100, 1194; 5—331, 332, 333, 334, 336 ; 6—13, 122, 225, 349, 456, 567, 673, 783, 912, 1020, 1135, 1264. Index of collection conditions, 5—547. Review, 1920, 6—1254. Reserve. (See Reserve conditions.) State banks. Admission to Federal Reserve System. (See State banks and trust companies.) (See also Abnormal conditions; Agricultural condi¬ tions; Banking and currency conditions; Bank¬ ing conditions; Banking and economic condi¬ tions; Bond market; Business conditions; Call loans; Central banks of issue; Clearing house debit transactions; Collection conditions; Credit conditions; Crop conditions; Currency condi¬ tions; Employment conditions; Foreign cur¬ rency conditions; Foreign exchange conditions; Hoarded money; Housing and living conditions; Member bank condition statements; Retail trade conditions; Wholesale trade conditions.) CONFECTIONERY. Terms of sale, 5—1133. CONFERENCE COMMITTEE REPORTS. (See Capital Issues Committee; War Finance Corpo¬ ration.) CONFERENCES. Acceptance credits, Bankers’, 6—559. Chief national bank examiners, 1—217. Class A directors, credit situation, 6—556, 566, 579, Clearing house representatives. Interest on bank de¬ posits, 4 —285; 6—3, 157. Corporations engaged in foreign banking, 5—619. Cotton, 4—1094. Expenses of, 2—57. Federal Advisory Council. (See same.) Federal Reserve Agents. (See same.) Federal Reserve Banks, governors. (See same.) Federal Reserve Board. (See same.) Interest on bank deposits. (See Interest.) Liberty loan committees, 3 —423. New York Clearing House Association. Interest on bank deposits, 4—285. I INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. 59 CONFERENCES— Continued. Oklahoma bankers, 5—1017. Pan American Financial Congress, 1—35. Trade acceptances, 3—243. Transit managers, 4—1175. CONFIRMATION. Cablegrams. Ruling, Foreign Exchange Division, 4—865. Cablegrams, incoming. Ruling, Foreign Exchange Division, 5—470. CONGRESS. Estimates and appropriations, 1920, comparison, 5— 1105. Federal Reserve Board to— Call loans, 6—345, 368. Clearing system; no coercion on State banks, 6—489. Discount policy, 6—239, 558, 582. Federal Reserve notes and currency inflation, 5— 699. Inflation. Response to Senate resolution asking what steps have been taken to reduce, 6— 582. Speculative activity. To Senator Owen, 5—1107. State banks. No coercion to enter clearing sys¬ tem, 6—489. Government aid to foreign nations. Opposition to further, 5—1012. Pending bills before, 6—340. CONNECTICUT. Acceptance laws, 3—529. Changes in allotment of United States 2 per cent bonds for conversion, because of transfer, 2—157. Exercise of fiduciary powers in, 2—523; 6—610. Fairfield County transferred from Boston to New York district, 2—154, 169. Federal Reserve Board. Authorization to exercise fiduciary powers, 2—523. Laws as to reserves, 3—770. Laws, foreign banking corporations, 5—55. List of State member banks, 4—93. Transfer of other counties applied for, 2—169, 309. CONSENT OF FEDERAL RESERVE BOARD. (See Clayton antitrust act.) CONSERVATION. Bank loans, 4—935, 936. Capital, 4—73. Credit, 4—2, 249, 260, 285; 6—116, 118. (See Credit.) Gold. (See Gold; Savings.) CONSOLIDATED STATEMENT. Farm-loan system, 4—1195. (See Federal Reserve Bank statements.) CONSOLIDATION. British banks, 4 —954. National banks, 2—74. Act November 7, 1918, text, 4—1178. State banks and trust companies, 6—159. National banks into State banks and trust com¬ panies, 6—833. (See National banks.) United States subtreasuries, 3—110; 4—172. CONSTITUTIONALITY. Section 11 (k), Federal Reserve Act. Fiduciary powers, 3—255, 504, 534; 4—522. (See Bank v. Fellows; First National Bank of Joliet v. Russel; Fiduciary powers.) CONSTRUCTION OF WORDS AND PHRASES. Actual security, 3—881; 6—1065. Actually existing value, 5—1055. (See Acceptances.) Advertising space. “Goods,” section 13, 3—114. Agricultural paper, 6—1180, 1301. Ally of enemy, 3—851; 4—866. Assured revenues, 2—170. Attached, section 13, 3—765; 4—971. Bank balances, section 19, 5—963, 1054. Bankers’ acceptances, 6—162, 1180. (See Acceptances; Acceptance business.) Banks— • Clayton act, 2—118; 3—527. Section 19, 5—963. Trading with enemy act, 3—851. Based on live stock, 1—72; 3—616. Borrower— Kentucky law, 4—526. Section 9, 4—638. Section 13, 3—696; 4—>520, 867. Commercial paper, 6—1301. Cotton yarns, 2—523; 5—652. Dividends, 5—256. Draft. Section 13, 6—162. End of war, 3—851. Exportation, 1—91. Finance paper, 6—609. (See Finance paper.) Fiscal year. Clayton Act, 2—523. Franchises, 1—221. General acceptance, 3—289. Goods, section 13, 3—29, 114; 6—949. Improved farm lands, 3—618. Lawful money, 1—12. Live stock, based on, 1—72; 3—616. May and shall, 2—115. Nonmember bank, 4—367. Other actual security. (See supra, Actual security.) Par collection, 2—310. Person, 3—851. Private banker, Clayton Act, 2—5S9. Private banking firm, Clayton Act, 2—589. Readily marketable securities, 6—385. Readily marketable staples, 2—523; 5—652; 6—494. Revenue, section 14, 2—170. Revenue bonds, 1—221. Savings accounts, 4—199; 6—1182. Section 11 (m). Added by act of March 3, 1919, 5— 1055, 1056. Secured, 1—72; 3—881. Securities. Readily marketable. (See supra, Readily marketable.) Shall and may, 2—115. Shares, 3—955. 60 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. CONSTRUCTION OF WORDS AND PHRASES— Continued. Staples. Readily marketable. ( See supra, Readily marketable.) Stock, 3—955. Substantial competition, Clayton Act, 3—878. Surplus, 5—53. Taxable property, 1—221; 6—1183. Time deposits, 6—1182. Trade, Trading with enemy act, 3—851. United States, 1—91; 3—851. War, end of, 3—851. Warrants, 1—221; 2—170; 6—1183. Water held to be “goods,” section 13, 6—949. (See Commissioner of Internal Revenue; Comptroller of Currency; Solicitor of Treasury.) CONSTRUCTION WORK. Eligibility of notes given for, 6—699. CONTAINERS. Terms of sale, 6—937. CONSTRUCTION OF SHIPS. (See Great Britain; Ships; United States; Vessels.) CONTINGENT LIABILITY. Federal Reserve Banks, rediscounts and sales of acceptances. (See Rediscounts.) Member banks, 5—186, 299, 300, 517, 519, 785, 904, 905, 908; 6—329, 438, 764, 1005. National banks. (See Acceptances; Guaranty.) State member banks and trust companies, 5—183, 296, 298, 514, 906, 907; 6—333, 444, 766, 1007. CONTRACT. For shipment. (See Acceptances.) National banks, with surety company for insurance of deposits, 1—29. Renewals of paper. Invalid, 1—74, 126; 3—922; 4— 259; 5—858; 6—66, 276, 277. Sale, 3—378. (See Acceptances.) CONTRACTION OF CREDIT. Secretary of Treasury on, 5—191. (See Credit; Expansion; Inflation; Liquidation.) CONTRACTOR. (See Purchaser.) CONTRACTS, FIRE INSURANCE. (See National banks.) CONTRAVENTION OF LAW. (See Fiduciary powers.) CONTROL. Credit. (See same.) Foreign exchange, 4—159; 5—615, 652, 853; 6—1131. Goods. (See Acceptances; Trust receipts; Warehouse receipts.) Imports— Great Britain, 5—523. France, 6—959. Sweden, 4—1091. Lira exchange. Regulation, 4 —624. Railroads. Act March 21, 1918, text, 4 —296. CONVERSION. Liberty bonds, 4 —517; 5— 329, 958. Secretary of Treasury advises conversion of Liberty 4 per cent bonds into 4£ per cent bonds, 5—100. (See Liberty bonds; United States bonds.) CONVERSION PRIVILEGES. (See United States bonds.) CONVERSION, STATE BANKS INTO NATIONAL BANKS, 3—690 ; 5—251, 1051; 6—62, 274, 383, 608, 833, 1299. (See State banks and trust companies.) CONVERSION FUND, GOLD. Argentina, 1900-1918, 5—140; 6—145, 1297. Chile, 6—1052. (See Gold.) COPENHAGEN. Foreign exchange rates on, 4 —1199; 6—1160. (See Denmark; Foreign exchange.) COPENHAGEN NATIONAL BANK. (See National Bank, Copenhagen.) COPPER. Price, 1914-1920, 6—1214. Terms of sale, 6—149. (See Business conditions; Physical volume of trade; Prices.) CORN. Price, 1914-1920, 6—1213. Production, 6—1062, 1175. (See Crop conditions.) CORN EXCHANGE BANK, NEW YORK. Reasons for joining Federal Reserve System, 3—359. CORPORATIONS. Foreign. Loans placed in United States, 6—901. Organized under section 25 (a), 6—1298. Subscriptions to United States Treasury certificates, 4—1147. Taxes. (See Act April 24, 1917.) (See Export corporations; United States Treasury certificates.) CORRECTIONS, STATISTICAL, 1—394. (See Errata.) CORRESPONDENT BANKS. Method of granting accommodation to, by city banks, 6—584. CORRESPONDENTS. Credit to foreign. Ruling, Foreign Exchange Divi¬ sion, 4 —865. Domestic. (See Domestic correspondents.) Foreign 3—77, 175, 239. Declaration of. Ruling, Foreign Exchange Divi¬ sion, 4—1122. Credit to, 4—865. (See Acceptances, guaranty; Foreign correspondents.) CORSET INDUSTRY. Terms of sale, 6—811. COST OF. Bank premises, 4 —103; 5—134. (See Bank premises.) Collection, 2 —226. (See Bills of exchange; Negotiability.) Equipment, 4—103; 5—134. Federal Reserve notes— Bureau of Engraving and Printing increases, 3 — 743. Charged to current expense account, 5—26. Distribution to member banks at, of Federal Reserve Banks, 4 —931. INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. 61 COST OF—Continued. Federal Reserve notes—Continued. Issued notes, 4—100; 5—133, 135. Redemption. Forwarding for, 1—306. Unfit notes. Shipment of, 3 —82, 242. Unissued notes, 3 —93, 609. (See Federal Reserve notes.) Furniture, 4 —103; 5—134. Installation. ( See Acceptances, trade.) Living— Adjustment of salaries to meet increased, 6—1293. Discussion, 5—9, 191, 813, 914. Great Britain. Increase in, 6—845,957,1072,1202, 1313. Increased by long-term export credits, 5—916, 1014. 1914-1920, 6—1203. Miller, Dr. A. C. Address on, 5—915. New York, 5—632, 1049. Prices and, 5—813. Problem. Increased production and savings, 5— 914. Report, Federal Reserve Agent, New York, 5— 632, 1049. Supreme Economic Council of Peace Conference on, 6—363, 451. (See Prices.) Wages and, Dr. A. C. Miller, 5—915. National bank examinations, before and after Federal Reserve Act, 2—122, 213. Production—• Gold, 5—125. Increase greater in Europe than in United States, 5—125. (See Reports.) Silver 1878-1898, 4r—397. Transportation. Unfit currency, 3 —82, 242. (See Federal Reserve Act, sec. 13; Federal Reserve Bank notes; Federal Reserve notes; National bank notes.) Vaults, 4—103; 5—134. War, 4—1057; 5—20, 189, 218, 726. (See War.) COSTA RICA. Handling of bills of exchange in, 5—345. COTTON. Acceptances— Financing of cotton by, 2—12; 3 —193; 4 —595,602, 691, 713. Financing of. National Association Cotton Manu¬ facturers, 4—713. Financing of advances by brokers on cotton for export, 2—458. Brokers. Ruling, Foreign Exchange Division, 4 — 973. Crop conditions. (See same.) Department of Agriculture. (See infra, Warehoused.) Deposits to move, 1—259, 260, 301. Export association. Charter and purposes, 5—553. Export credits. Report, State Department commit¬ tee, 5—554. Fabrics, condition report, 6—1027, 1145, 1276. COTTON—Continued. Factors, paper— Drafts drawn by cotton factors secured by ware¬ house receipts covering cotton consigned for sale are ineligible for acceptance or discount, 6—162. When proceeds are to be loaned to another, paper is pure finance paper and ineligible, 5—1054; 6—162, 1176. When proceeds are used or to be used to buy goods to sell to another, the paper is eligible, 5—1054; 6—162, 1176. Federal Reserve Bank agency established at Mem¬ phis to help move, 3—168. Federal Reserve Banks. Deposits by Secretary of Treasury in, to move crop, 1—259, 260, 301. Federal Reserve Board—■ Conference, 4—691. Review of work done by, and by Treasury, 2—442. Statement as to, 1—258. Valorization of, by Federal Reserve Banks for loaning purposes, disapproved, 2—524. Warning against use of Federal Reserve Banks for hoarding or speculation, 5—1109. Federal warehouse act, 4—1095. Government deposits to move, 1—259, 260, 301. Harding, Gov., addresses on, 1—66, 180, 252; 3—159; 4—595, 602, 691. Knit goods manufacturers. Report, 6—1027. Manufactures. Terms of sale, 6—464. Market conditions, 1—180, 254, 258. Memphis, Federal Reserve Bank agency created at, to help move, 3—168. National Association Cotton Manufacturers. Accept¬ ances to finance, 4—713. Oil, cotton-seed. (See Acceptances, domestic.) Paper, cotton mill. Eligible when statement shows plant not mortgaged and that deficiency between capital and plant account does not amount to more than $5 per spindle, 1—73. Price, 1914-1920, 6—1213. Problem of South, 1—252. Production, 6—1062. Receipts, as security, 3—30. Seed oil, cotton. (See Acceptances, domestic.) Situation, present, 1—180, 258; 2—160. South’s cotton problem, 1—252, 258. Spindles. (See Physical volume of trade.) Stocks of, 6—76, 177, 290, 400, 480, 518, 627, 717, 856 970, 1089, 1219, 1333. Textiles. (See Business conditions; Prices.) Union Discount Co. formed to finance, 4—930, 939. United States Revised Statutes, section 5200— Note of broker secured by warehouse receipt of mill, indorsed in blank, for cotton stored in broker’s name, but sold to mill on its sales note attached, is subject to 10 per cent limitation of, and section 13, 2—113. Bill by broker on mill with necessary documents, accepted by mill is drawn against actually existing values and not subject to 10 per cent limitation of, and section 13, 2—113. United States Treasury. Resume of work done by, and Federal Reserve Board as to cotton, 2—142. United States warehouse act, 4—1095. 62 INDEX-DIGEST OF FEDERAL, RESERVE BULLETIN. COTTON — Continued. Valorization of, by Federal Reserve Banks, for loans not approved by Federal Reserve Board, 2—524. Warehouse facilities, 1 — 254, 260. Warehouse laws of States; digest, 1 — 260. W T arehoused cotton. Loans against. Department of Agriculture, 4—1094. Yarns — Are staples, 2 —523; 5 — 652. United States. Prices, 1914-1920, 6—1214. Wholesale prices, Japan, 6 — 1077, 1208. (See Business conditions; Physical volume of trade; Prices; Terms of sale.) COTTON, J. P., SPECIAL COUNSEL. Advises Federal Reserve Board it can lawfully reduce number of Federal Reserve districts, 2 — 25. Attorney General of United States, contra, 1—396; 2— 207. General counsel of Federal Reserve Board, contra, 2 — 20 . COUNCIL BILLS. (See India.) COUNCIL, EXPORT ADMINISTRATIVE. (See Export Administrative Council.) COUNCIL, FEDERAL ADVISORY. (See Federal Advisory Council.) COUNCIL OF NATIONAL DEFENSE. Curtailment of nonessentials, 4 — 852. COUNCIL OF STATE BANKING ASSOCIATIONS. Organization, 4—708. COUNSEL OF CAPITAL ISSUES COMMITTEE, 4r—73, 77. COUNSEL OF FEDERAL RESERVE BOARD. Argues in case of Bank, etc., v. Fellows, involving fiduciary powers, in United States Supreme Court, 3— 254. Digest and index of opinions, January, 1917-May, 1918, 4—571. Elliott, M. C.— Resigns as general counsel, 5—201. Appointed consulting counsel, 5—201. Harrison, G. L., appointed general counsel, 5—201. Logan, W. S., appointed general counsel, 6—782. (See Law Department; Opinions, counsel.) COUNTING MACHINES. Use of, deprecated as causing abrasion of gold coin, 3— 440. COUNTRIES. Allied. (See Allied powers.) Belligerent— National indebtedness, 3—10, 349, 351. Foreign exchange rates on, 3—406; 4—837, 841 1198, 1200; 5—1103; 6—1158. War loans, 3—10, 349, 351. (See War.) Enemy, transfers of funds to, still prohibited except under special license of War Trade Board, 5—653. Neutral. (See Neutral countries.) Public debts. (See same.) Silver standard, foreign exchange rates on, 3—406; 4— 836, 1198 ; 6—50, 1161. War debts. (See Public debts.) COUNTRY BANK CLEARINGS. Federal Reserve Bank of Boston takes over from Boston Clearing House, New England, 2—317; 3—162. (See Clearing system, Federal Reserve.) COUNTRY OF ORIGIN. (See Gold.) COUPON DECLARATIONS. Ruling, Foreign Exchange Division, 4 —866. COUPON RATE. (See Discount rates.) COUPONS. Farm loan banks. (See infra, Federal Reserve Banks.) Federal Reserve Banks— Should cash, on United States bonds, without charge, 4—13. May receive deposits from farm land banks for paying coupons on farm loan bonds, 8—88L May cash coupons of farm loan and joint-stock banks, and Federal Reserve Bank of New York will settle for them, 4—435. Foreign owners. Payment of coupons for, 4 —87. United States bonds. Instructions as to handling coupons on, 3—938. COURT. (Nee Clearing system; Par clearings; Fiduciary powers.) COVER. (See Federal Reserve notes; Gold.) COVERING OR HEDGING. Of foreign discounts, 5 —527. COX, E. H. Elected Class B director, Federal Reserve Bank of San Francisco, 3—8. CREDIT. (See Credits.) Agreement. (See Tax.) At par. (See Clearing system; Immediate credit.) Bank credit, 6—775. (See Resources and liabilities.) Banks, Germany. (See Germany.) Barometrics, 5—229. Belgium industrial, 5—309. Companies. Notes of, not eligible, 4—197. (See Commercial paper; Finance paper.) Conditions, 6—70, 1124. (See Business conditions; Financial conditions.) Conservation— Address of Secretary of Treasury before American Bankers Association, 6—1125. Conference, Federal Advisory Council and Fed¬ eral Reserve Board, 6—556, 566, 579. Discussion of, 4—2, 249, 260, 486, 685, 802, 923, 924, 1048; 6—113, 116, 118, 217, 221, 448, 553, 555, 665, 774, 897, 1013, 1124. Council of National Defense on, 4—852. Exports, reduction of, 6—217. Extract from annual report of Federal Reserve Board on, 6—223, 239. Federal Advisory Council, recommendations, 6—556. Federal Reserve Bank of New York on, 4 —741 935. Federal Reserve Board— Reply to Senate resolution, 6—558, 582. Statement, crop-moving credits, 6—119.4. INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. 63 C R E DIT—Continued. Conservation—Continued. Liberty loan committee, New York, on, 4 —935. Loans for building operations, 6—927. Loans for speculative purposes, 6—342, 446, 554, 665, 774, 897, 1012. Utah bank commissioner on, 4 —396. War Industries Board, preferred industries, 4 —931, 1078. Control, 6—665, 774. Deferred credit. ( See Federal Reserve Banks.) Domestic and foreign credit, 6—897. Expansion— Federal Reserve Board on, 4 —70, 79, 249, 928, 1046; 6—774. Prices and, 4 —1048; 5—8, 102, 306, 409, 524, 614, 699, 813, 913; 6—774. (See Federal Reserve notes; Inflation; Prices.) Farmers— Increased, to farmers by Federal Reserve Banks and member banks, 6—1124. Needs of. Credit. Department of Agriculture, 3—937. Federal Reserve Banks. Divulging of credit informa¬ tion, 1—347. Federal Reserve Board. Expansion of credit. (See supra, Expansion.) Files, credit. (See City banks.) Fiscal year 1920, 6—665, 666, 669. Immediate. (See Federal Reserve Banks.) Inflation. (See same.) Information. Divulging of credit, 1—347. I/ong-term credit. (See Capital.) Outlook, credit, 6—770. (See Business conditions.) Pavment of United States bonds by, 3—578, 919; 4—588; 5—100. Period of credit. (See Acceptances, domestic; Regu¬ lation A, 1920.) Prices and credit, 5—911. (See Prices.) Rationing of— Federal Reserve Agents favor campaign for, 5— 1017. Miller, Dr. A. C. Address on, 4 —923. Release of, by liquidation of holdings of United States securities and war paper, is being absorbed by speculation, 5—1027. Revolving credits. (See Credits, revolving.) Situation, credit, 4 —249; 5 —814, 1110; 6—113, 116, 118, 214, 217, 221, 341, 343, 346, 448, 553, 555, 655, 774, 897, 1013, 1124. (See Banking conditions; Business conditions.) Statements, credit— Duplication of, 4 —105. Form of, 4 —718, 720. (See Commercial paper, statements.) System, credit. Of Great Britain prior to and since war, 5—117, 118. Transfers of credit. Investigation of, by President, 3—853. (See Federal Reserve Board; President; Secretary of Treasury.) Travelers’ letters of. Ruling, Foreign Exchange Division, 4 —973. CREDIT —Continued. (See also Capital; Checks; Federal Reserve notes; Letters of credit; United States Revised Statutes, section 5200.) CREDIT, CURRENCY AND EXCHANGE FLUCTU¬ ATIONS. International Financial Conference, Brussels, 6—1282. CREDIT LYONNAIS. Condition, 1914-1919, 6—1047. CREDIT OR REDEMPTION. Federal Reserve notes returned for. (See Federal Reserve notes.) CREDITORS. Of foreign branches of national banks are general cred¬ itors of parent bank, 3—198. (See Foreign branches.) CREDITS. Acceptance. (See Acceptances.) Allies. To, 3—10, 424, 721, 731; 4—21, 279, 1057, • 1059, 1166; 5—33, 820, 845, 957, 1014; 6—688, 901. (See Allied powers.) Answers to inquiries as to, 1—346, 347. Argentina to Allies, 5—1048; 6—596. Bank. (See Bank credits.) Bank of Spain— (See Bank of Spain.) (See infra, United States.) Canadian short-term, in United States, 3 —603, 652. Canners, credits to. Hoover, 4—607. Commercial, 3—878. (See Clayton Act.) Conservation of. (See Conservation; Credit conser¬ vation.) Cotton export, 5—554. (See Cotton.) Crop moving, 6—1012, 1016, 1124. Definition of, trading with enemy act, 3—851. European demand for, 5—1013. Expansion of, 3—499. (See Inflation.) Export. (See Edge bill, principal heading; Export credits.) Export credit plan, English, 5—1012, 1046. Exports, aid to— Argentina, 5—1048. Canada, 5—1047. France, 5—1047. Italy, 5—1048. Spain, 5—1048. Uruguay, 5—1048. Farmer. What Federal Reserve Act has done for, 2—442. Farmers, credits to. Federal Reserve Banks and member banks have given greatly increased, 6—1124. Finishing credits, International Financial Confer¬ ence, Brussels, 6—1291. Foreign bank, 5—323. Foreign countries, to, 6—7,114,140, 214, 343, 562, 901. Hoover on, 6—114, 140. Secretary of Treasury on 6—137. Foreign correspondents, to, 5—323. Foreign exchange credits. Ruling, Foreign Exchange Division, 4r—973. 64 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. CREDITS — Continued. Foreign Government — Given by United States. ( See supra, Allies.) Discussion, 5—101, 522, 528, 611, 819, 1012, 1040, 1046. Gov. Harding on, 2 — 587. Secretary of Treasury on, 5 — 22. (See Foreign governments, principal heading.) Government versus private. Financing of, 5—611. Great Britain— Export credits plan, 5 — 1012. Loan in United States, 250 millions, 5—1014. Syndicate for purchase of notes of, 5—101. ( See Great Britain.) International credits. ( See same.) International Financial Conference, Brussels— Finishing credits, 6 — 1291. Raw materials as security, 6—1131. Italy, United States credits to, 5—845. (See Italy; United States.) Long-term, 5—611, 614. Raw materials as security for, 6 — 1131. Revolving credits. (See same.) Shifting of, 6 — 1013. Surplus account. Credits to, 5—26. United States— Credits given to, by— Argentina, 4—941. India, 4 — 941. Spanish banks, 4 — 941. Switzerland, 4 — 942. Credits granted to Allied Powers. (See supra, Allies.) Warehoused goods. Ruling, Foreign Exchange Di¬ vision, 4—1217. CROP MOYING. Credits for, 6—1012, 1016, 1124. (See infra, Crops.) CROPS. Credits for, 5—1012, 1016, 1124. Estimates. (See Department of Agriculture.) Federal Reserve Banks. Government deposits in, to move crops, 1—259, 260, 301. Refused by three Federal Reserve Banks, 1—302. Repaid, 2—371. Federal Reserve Board. Resume of work done in moving, 2—442. Federal Reserve notes. Increase in, for moving crops, 5—912. Forecasts, 6—606, 696, 832, 943, 1062, 1175. France, 6 — 1074. Movement of. Reports, 1—180, 258, 259, 260, 301; 5— 11, 103, 204, 409, 522, 532, 620, 621, 737, 824, 852, 962, 1053; 6—696, 832, 943, 1011, 1012, 1062. (See Business conditions.) Statistics as to, &—636, 737, 853, 962, 1053; 6—606, 696, 832, 943, 1062, 1175. Sugar— Drafts to move Cuban sugar held eligible for ac¬ ceptance, 5—53. Loan by foreign branch of a national bank on security of, growing sugar crop held eligible, 5—362. (See Sugar.) CROPS—Continued. War Finance Corporation. Loans for moving, 5—29. (See Agricultural products; Business conditions; Com; Federal Reserve Agents; Reports.) CROSS TIES. (See Acceptances, Discounts of.) CROWDER, GEN. Deferred classification of bank clerks, 4 —597. CRUDE PETROLEUM. (See Business conditions; Physical volume of trade; Prices.) CUBA. Banks of, condition, 6—1164, 1166, 1167. Debt, public, 6—1165. Economic and financial conditions, 6—1162. Exports and imports, 6—1163. International Banking Corporation, New York, Ea- bana branch, 6—1167. Monetary system, 6—1164. Moratorium, 6—1165. National City Bank, New York— Branch in, 4—938. Condition, 1916-1920, 6—1167. Public finance, 6—1165. Sugar crop— Acceptances to move, are eligible, 5—53. Loans by foreign branch of a national bank on security of growing, held eligible, 5—362. Production, 5—1163, United States— Government and other loans placed in, 5—33; 6—687. Loans of, to Cuba, 4 —279, 1059. CUMULATIVE SINKING FUND. Victory loan act, 5—226. CUNLIFFE, LORD. Report, British Currency Committee, 4 —1178. (See Great Britain.) CURRENCY. Banks of issue, leading. (See same.) British commission. Report, 4—1178. Canadian banking and, 5—1140, 1142. Changes in, 6—6. Circulation. (See Money, principal heading.) Circulation per capita. (See Money.) Custody of, Federal Reserve Agent, 3—691. Demand. Increased, 1—314. Emergency currency. (See same, principal heading.) Expansion— Federal Reserve Board, on, 4—486, 924, 1047. Federal Reserve notes and, 5—699. League of Nations. Table, 6—903. Less than supposed, 5—102. (See Inflation, principal heading.) Export of— Licenses, 4 —23, 499, 501. Regulations, 3—736. Restrictions abrogated with exceptions, 5—653. (See American Relief Association; Federal Re¬ serve Board; Licenses; Rubles; Secretary of Treasury; Transfers of funds.) Federal Reserve notes and currency expansion, 5—699. (See Federal Reserve notes.) INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. 65 CURRENCY —Continued. Foreign countries, 6—6, 902, 909, 928. Foreign exchange transactions. ( See same.) German Reichsbank. ( See same.) Great Britain. Depreciation in, 6—6. (See Great Britain.) Hoarded. Returned to banks, 6—102, 205, 616. India— Currency conditions in, 5—945. Currency reform in, 6—253, 1298. (See India.) Inflation. (See Expansion, principal heading; Infla¬ tion, principal heading.) Investigation and regulation. Trading with enemy act, 3—853. League of Nations on, 6—898, 901, 909. Mexican. Changes in, 5—32. Money in circulation. (See Money.) National-bank currency. Method of shipment to United States Treasurer, 1—12. (See National-bank notes.) National-bank notes. Small denominations author¬ ized. Act of October 5, 1917, 3—837. (See National bank notes.) Paper outstanding. (See Money.) Per capita circulation. (See Money.) Receipts of. (See Branch banks; Operation.) Regulations. Export. (See Coin.) Senate resolution, 6—558, 582. Situation. Analysis by League of Nations, 6 —898, 901, 903, 909. Tax. No tax on charges for shipments when charges fall directly on Federal Reserve Banks, 4—1215. Transportation chargee— Federal Reserve Banks may charge, on unfit currency to member bank depositing, 2—115. Federal Reserve Bank to absorb, on, 4—931, 1093. Member banks can ship, at expense of Federal Reserve Banks only when unable to provide items to offset checks from or on account of Federal Reserve Banks, 3—615. If member bank ships other than by United States mail it must pay, 3—615. Transportation of— Ruling, Foreign Exchange Division, 4—1121. Cost. Insurance rates, 5—27, 133, 723. Unfit. (See supra, Transportation charges.) Volume. Changes in volume of, not responsible for price conditions, 5—699, 813, 913. (See Money, principal heading.) (See banks of the various nations, by name.) CURRENCY AND EXCHANGE. Resolution, International Financial Conference, Brussels, 6—1284. CURRENCY, CREDIT AND EXCHANGE FLUC¬ TUATIONS. International Financial Conference, Brussels, 6—1282. CURRENCY LAW. New, British India, 6—253,1298. CURRENCY NOTES. Issued by Great Britain, 3—11; 6—6, 843, 955, 1069, 1070, 1199, 1312. 37599°—21- CURRENCY REFORM IN INDIA. Report, commission on Indian exchange, 6—253,1298. CURRENT ASSETS, 3—S27, 949. (See Commercial paper; Discounts.) CURRENT EARNINGS. Charges against, 2—12; 5 —26. (See Depreciation; Earnings; Federal Reserve notes; Organization expenses.) CURRENT EXPENDITURES. (See Expenditures.) CURRENCY EXPENSE ACCOUNT. Charges to, 5—26. Cost of Federal Reserve notes chargeable to, 5—135. CURRENT EXPENSES. Earnings and expenses. (See Federal Reserve notes; Organization expenses.) CURRENT LIABILITIES, 3—527, 949. (See Commercial paper; Public service corporations.) CURRENT NET EARNINGS. (See Earnings and expenditures.) CURRENT RATES OF EXCHANGE. (See Foreign exchange rates.) CURTAILMENT. Loans, 4—935. Non essentials, 4—2, 249, 260, 486, 685, 688, 802, 852, 935, 1048. (See Credit conservation.) CUSTODY, JOINT, 3—691. (See Federal Reserve Agents.) CUSTOMERS’ PAPER. (See Commercial paper; Commercial rates; Discount and open market operations; Federal Reserve Bank and branch cities; Rediscounts, Federal Reserve Banks.) CUSTOMERS’ PAPER SECURED BY WAR OBLI¬ GATIONS. (See War paper; Federal Reserve Bank and branch cities; Discount and open-market operations.) CUSTOMERS’ STATEMENTS, DUPLICATE, 4—105. Ruling, Foreign Exchange Division, 4—865, 866. CUSTOMS TARIFF. Japan enacts a new, 6—1319. CZECHOSLOVAKIA. Government and other loans placed in United States, 6 — 688 . D. DAILY CLEARINGS. Gold-settlement fund, 4—591, 610. DAMAGES. (See United States Railroad Administration.) DARMSTADTER BANK. Condition, 1914-1919, 6—1050. DATE OF CLOSING BOOKS. December 31 advised as best, for closing of books, but no objection to June 30 to conform to banking custom in district, 1—212. DATE OF MEMBERSHIP. Dates from issue and payment of stock and deposit of required reserves, 1—268. DAVIS, W. I. Death of, Class C director, Atlanta, 2—309. DAYS OF GRACE. Sight drafts are payable when presented, without, 4—109. 5 66 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. DEALERS. Foreign exchange. Regulations, 4—622. Retail. (See Foreign exchange; Transfer of funds.) DEBIT STATEMENTS, MEMBER BANK. (See Clearing-house debit statements.) DEBITS TO INDIVIDUAL ACCOUNT. (See Clearing-house debit statements.) DEBT. Evidences of. (See President; Proclamation; Uni¬ form debt policy.) Interest-bearing debt. (See United States.) United States. (See Debts, public.) DEBTS, PUBLIC. (See Public debts.) DECIDUOUS FRUITS. (See Physical volume of trade.) DECIMAL SYSTEM. Report, British commission, 5—126. DECKER, E. W. Elected Class A director, Federal Reserve Bank of Minneapolis, 3—8. DECLARATION. (See War Trade Board.) DECLARATIONS. Canadian bank. Ruling, Foreign Exchange Division, 4—864. Coupon and dividend. Ruling, Foreign Exchange Division, 4—866. Foreign dividend checks. Ruling, Foreign Exchange Division, 4—1121. DECREASE OF CAPITAL. (See National banks.) DECREASE OF CAPITAL STOCK. Federal Reserve Banks. Regulation I, 1920, 6—1187. DECREASE OF FEDERAL RESERVE NOTE CIR¬ CULATION, 5—139. (See Federal Reserve notes.) DECREASE OF GOVERNMENT EXPENDITURES, 5—189. DEDUCTIONS FROM ALLOTMENTS. (See United States bonds.) DEDUCTIONS FROM GROSS DEPOSITS. (See Reserve requirements.) DEED OF TRUST, 4—30. (See Real estate.) DEFENSE, COUNCIL OF NATIONAL. (See Council, etc.) DEFERRED CLASSIFICATION. Bank clerks. Draft law, 3—591; 4—597. DEFERRED CREDIT. (See Federal Reserve Banks.) DEFICIENCY. (See Earnings; Federal Reserve notes.) DEFICIENT RESERVES. Penalties collected for, 1—35; 2—314; 5—132. Federal Reserve Bank can not refuse payment of draft of member bank because of, 1—12. DEFINITIONS. (See Construction.) DEFLATION. (See Credit expansion; Inflation; Liquidation.) DELACROIX, M. International bank of issue. International Financial Conference, Brussels, 6—1281. DELANO, F. A. Speech, Seattle, September 8, 1915, 1—298. Visits western Federal Reserve Banks, 2 —152. Visits Federal Reserve Bank, New York, 2 —309. Attends governors’ conference, Boston, 2 —437. Appointed on Capital Issues Committee, 4—364. Resignation of, 4—587, 697. Resolution, Federal Reserve Board, 4—587. DELAWARE. National banks. Fiduciary powers, 2 —523. Act. Fiduciary powers to national banks, 3—528. Acceptance laws, 3—529. Reserves, laws, 3—770. List, State member banks, 4—92. Amendments to banking laws, 5—743. Laws, foreign banking corporations, 5—55. DELAY, UNREASONABLE, 3—31; 4—109, 200, 1119. (See Dividends; Unreasonable delay; Unreasonable time.) DELIVERY, Trade acceptances, 3—287. (See Acceptances; Tax.) DEMAND. (See Business readjustment; Negotiability.) DEMAND BILLS. Due on date of presentment for acceptance within reasonable time. After reasonable time become overdue paper subject to United States Revised Statutes, section 5200, as promissory note of ac¬ ceptor, 3—31. DEMAND DEPOSITS. Certificates of deposit for 60 days, after running 30 days become, 5—652,655. (See New York Clearing House banks; Savings de¬ posits.) DEMAND DRAFTS. Not subject to stamp tax, 4—31. (See Federal Reserve Banks; Sight drafts.) DEMAND, INCREASED. For Federal Reserve notes, 1—314. DEMAND, NOTICE AND PROTEST. Waiver of, does not affect acceptor, the principal debtor, 1—277; 2—226. Circular 8, 1915, 1—41. DEMAND, PAYABLE ON, 3—930. (See Commercial paper; Payable.) DEMOBILIZATION OF LABOR. Data as to unemployment, strikes, etc., 5 —111, 112. DENMARK. Balance of trade, 1912-1917, 6—39. Central banks. Condition, 4—997, 1077. Exchange on, purchased and sold, 4—835. Financial condition, 1914-1917, 4—383, 1064. Foreign exchange rates, 4—384. On foreign countries, 1914-1919, 6—41, 44. Gold policy and foreign commerce, 1914-1919, 6—35. Gold reserves, notes, etc., 1914-1920, 3—331; 4—268: 6—488. Gold reserves, central, 1913-1920, 6—1296. INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. 67 D E N M A R K —Continued. Handling of bills of exchange in, 5—351. Loans placed in United States, 5—33. National Bank, Copenhagen, 4—384. Public debt, etc., 1913-1918, 4—376, 384. Trade balance, 1912-1917, 6—39. United States, Government and other loans placed in, 5—33; 6—688. (SeeCopenhagen; Foreign exchange; Profits; National Bank, Copenhagen.) DENOMINATIONS. ( See Money.) DENVER. Branch, Federal Reserve Bank of Kansas City, 4—14. List of directors, 5—126; 6—61. Employees, 5—779. DEPARTMENT OF AGRICULTURE. Credit needs of farmers, 3—937. Cotton warehouse loans, 4—1094. Effect of war on real wealth of United States, 5—635. Farm credit statements, 4—718. Farm products as bank security, 4—404. Farmers, direct loans to, by Treasury and, 4—807, 829. Financing of grain, 4—711. Warehouse requirements, farm products, 4—404. (See Crop statistics; Secretary of Agriculture.) DEPARTMENT OF AGRICULTURE AND TREAS¬ URY. Direct advances to farmers for crop loans, 4—807, 829. DEPARTMENT OF COMMERCE. After-war finance, 4—1086. Export licenses, list, 3—582, 584. Prices, stabilization of. Industrial Board, 5—196, 246, 341, 344. DEPARTMENT OF INTERIOR. Report of gold committee to, 5—124. DEPARTMENT OF LABOR. To Capital Issues Committee on labor situation, 4—265. Index numbers to be furnished to Federal Reserve Board, 4—810. DEPARTMENT OF TREASURY. (See Secretary of Treasury.) DEPARTMENT STORES. Net sales, 6—1258. DEPOSIT ACCOUNTS. Substantial competition, 3—878. (See Clayton Act, test; Clearing-house debit state¬ ments; Deposits.) DEPOSIT, CERTIFICATE OF. For 60 days, after running 30 days, becomes a demand deposit, 5—652, 655. Form of, 6—495. Time, 6—1065, 1183. (See Certificate of deposit; Demand deposit; Savings Accounts; Time certificates of deposit.) DEPOSIT LIABILITIES, FEDERAL RESERVE BANKS. (See Resources and liabilities; Deposits.) DEPOSIT OF SECURITIES. (See Fiduciary powers.) DEPOSITARIES, GOVERNMENT. (See Government depositaries.) DEPOSITARIES, PUBLIC. For Indian funds, 2—266. (See Rediscounts.) DEPOSITOR. (See Nonmember depositor.) DEPOSITORS, FOREIGN. Withdrawal of deposits by, 3—154, 155. Returned, 3—154; 5 —102, 205, 616. DEPOSITS. Act, June 12, 1916. Deposits of gold bullion and foreign gold coin for United States gold certifi¬ cates, 2 —311. Argentine banks, 4—739. Austro-Hungarian Bank, 1918, 5 —197. Balances due foreign banks are individual and not bank deposits under section 19, 5—963. Bank deposits— Government does not contemplate confiscation of, 3—931. Growth of, may be largely a measure of the ex¬ tent of abuse of banking facilities, 5—323. Interest on, 1—394; 4^-160, 161, 252, 285, 290, 690, 806. (See Conferences; Interest.) Bank of England— 1919, 5—197. 1914-1919, 5—463, 648, 849, 1200. 1914-1920, 6—334, 485, 488, 893, 1070, 1199. Bank of France— 1919, 5—197. 1914-1919, 5—463, 648, 849, 1200. 1914-1920, 6—334, 485, 487, 893, 1073, 1203, 1313. Bank of Italy, 1914-1919,5-^63, 648,849,1200; 6—488. Bank of Japan, 1914-1919, 5—463, 649, 849, 1201; 6— 1077. Bank of Java, 1914-1919, 5 —464, 649, 1201. Bank of Naples, 1900-1918, 5 —140; 6—488. Bank of Netherlands, 1914-1919, 5 —649, 849, 1201; 6—336, 894. Bank of Norway, 1914-1919, 5—648, 849, 1200; 6—45. Bank of Roumania, 1915-1919, 5—1201. Bank of Sicily, 5 —140; 6—488. Bank of Spain, 1914-1919, 5—649, 849, 1201; 6—335, 895. Bank of Sweden, 1914-1919, 5 —648, 1200; 6—45. Bank of Switzerland, 1914-1919, 5 —849, 1201. Banks of issue, leading, 2 —659; 3—234, 329, 500, 681, 942; 4—243, 267, 269, 375, 996, 1057, 1167; 5— 140, 197, 463, 648, 649, 849, 1008, 1200; 6—483, 487, 488, 909, 1044, 1047, 1049, 1295. Buenos Aires banks, 5—639. Canadian chartered banks, 5 —1141, 1147. Certificate of, issued for 60 days, after running 30 days, becomes a demand deposit, 5 —652, 655. Chart— Deposits of all banks, 1900-1914, 1—234 ; 2 —266; 3—849; 5 —67. Federal Reserve banks. Investments— 1915, 1916, 3—56; 4—770. 1918, 5 —67, 773. Circulation, deposits to retire. (See National banks, principal heading.) 68 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. DEPOSITS —Continued. Clearing deposits, nonmember banks, 3—850. Demand deposits— Certificates of deposit for 60 days, after running 30 days, become, 5—652, 655. Definition, 6—1182. Discount rates, Federal Reserve Bank. Interest allowed by member banks on bank deposits to be fixed, with relation to, 4—806. (See Interest.) Emergency Fleet Corporation. Deposits of, are not Government deposits and require reserves, 5—1054. European central banks, (See supra, Banks of issue, leading). Excess deposits. (See same.) Federal land banks. Federal Reserve Banks can receive deposits from, only for exchange or collec¬ tion or for payment of coupons, 3—379, 881. Federal Reserve Banks— Capital and reserve deposits, 2—98. Deposits, 3—847, 850. Member trust company from savings department, 5—654. Fiscal year, 1920, 6—664, 724, 725. Net deposits— 1917, 4—130. 1918, 4—769; 5—65, 136, 769. 1919, 6—146, 724. 1914-1919, 5—774. Unfit currency. May refuse to receive deposits of, other than Federal Reserve notes, made by member banks to save expense of shipment to Washington for redemption, 2—115. Federal Reserve Board— Has no plan in contemplation for guaranty of, 1—51. Resolution against, 4—595. Will assist savings banks in case of withdrawal of, 3—498. Federal Reserve notes. Deposits of gold or lawful money with Federal Reserve Agent in reduction of liability upon, 1—273. Foreign bank balances are individual, rather than bank deposits under section 19, 5—963. Foreign banks. Member banks not limited to 10 per cent, etc., under section 19 as to deposits in for¬ eign banks, 5—1054. Foreign depositors— Withdrawal of deposits by, 3—154, 155. Ceased, 3—340 ; 5—102, 205, 616. Foreign gold coin. Gold certificates against. Act of June 12, 1916, 2—311. France. Note circulation and, 6—218, 667. (See France.) German Reichsbank, 1917-1919, 5—197, 848. Government deposits— No reserve necessary against, by national banks, 3-458. To be deducted, except postal savings deposits, in computation of reserves, 3—692. Member banks, 1918, 4—665. New York banks, 1918, 4—665. (See Government deposits.) Great Britain. Note circulation and, 6—218, 667. (See Great Britain.) DEPOSITS—Continued. Guaranty of— Federal Reserve Board has no plan for, in contem¬ plation, 1—51. Federal Reserve Board. Resolution against, 4—• 595. Federal Advisory Council opposes, 4—490. National banks can not join Nebraska system of, 1-409. National banks can contract for insurance of, 1—29. Individual deposits— 1863-1915, 2—266. 1914-1916, 2—222, 223, 328, 376, 506. June 30, 1916, and March 5, 1917, 3—372, 500. June 30, 1914, and March 5, 1917, 3—372, 500. 1913- 1920, 4—337, 502, 664, 665; 5—782; 6— 726, 727, 728. (See infra, Member banks; National banks.) Balances due foreign banks are, and not bank de¬ deposits under section 19, 5—963. Loan and trust companies, 1900-1914, 1—235. National and member banks, 1914-1920, 6—726, 728. Interest on. (See Interest; Bank deposits.) Italy, 6—218. London Economist. Bank deposits to-day are meas¬ ure of abuse of British banldng system, 5—323. Member bankB— 1918, 4—664, 665. 1914- 1920, 6—726, 727, 728. Net deposits, 1918, 4—665. Not bound by 10 per cent limitation of section 19 as to deposits in foreign banks, 5—1054. Member trust company— Deposits from savings department in Federal Reserve Banks, 5—1156. (See National banks.) Minimum deposit of United States bonds. ( See United States bonds.) National banks— 1910-1916, 2—376, 506. 1917, 3—372. 1913- 1918, 4—337, 502. 1914- 1920, 6—726, 727, 728. Net deposits, 1917-1919, 5—782. Can not join Nebraska guaranty system, 1—409. Can contract with guaranty company for insurance of, 1—29. With nonmember banks, 1—126. Securities given to trust department of, to secure trust funds, deposited in commercial depart¬ ment, 5—1156. Time deposits, 1914-1919, 5—781, 782; 6—726, 728. With foreign banks. (See supra, Foreign bank balances.) (See also Individual and bank deposits; Member banks.) Net deposits— Federal Reserve Banks— 1917, 4—130. 1918, 4—769; 5—65, 136, 769. 1914-1919, 5—774. 1919, 6—146, 724. Fiscal year 1920, 6—724, 725. INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. 69 D E PO SITS—Continued. Net deposits—Continued. Member banks, 1918, 4—665 ; 6—726, 727, 728. National banks, 1917-1919, 2—376, 506; 3—372; 4—337, 502; 6—128, 782; 6—726, 727, 728. New York banks, 1918, 4—665. New York Clearing House. Members of, 1917, 3—653. Nonmember banks— Clearing deposits, 1917, 8—850. Of national banks with, 1—126. Postal funds in, 2—331. Receivable for reserve. Kinds of money, 3—661. Nonresident aliens. ( See Tax.) Note circulation and. France, Great Britain, and United States, 6—218, 667. Pennsylvania escheat law, does not apply to deposits in national banks, 2—115. [Attorney General of United States, contra. Opin¬ ion rendered in 1920.] Postal savings— Are time deposits and subject to reserve require¬ ments, 3—692. Reserve on, 1—274, 409; 2—331. ( See Reserve requirements.) Public moneys, 4—22, 23, 494. Reserves against. Section 19. Balances due foreign banks are individual and not bank, 5—963. Savings accounts— Presentation of pass book, 2—168, 534, 611. Regulation D, 1920, 6—1183. When not time deposits, 2—168, 211. Savings banks. Federal Reserve Board will assist in case of withdrawal of, 3—497. Savings department of member trust company. De¬ posits from, in Federal Reserve Banks, 5—1156. Secretary of Treasury. Government will not confis¬ cate individual bank deposits, 3—931. Section 19, Federal Reserve Act. ( See Foreign bank balances; Foreign banks.) Securities, deposit of. ( See Fiduciary powers.) Time deposits— Member banks, 1914-1920, 6—726, 727, 728. National banks— 1914-1919, 6—781, 782. 1914-1920, 6—726, 728. Regulation D, 1920, 6—1182. When not, but savings accounts, 2—168, 211. Time deposits and savings accounts, 2—168, 534, 611. Regulation D, 2—534. Regulation D, 1920, 6—1182. Trust company member bank. Deposits from savings department in Federal Reserve Banks, 5—1156. Trustee funds, 1—125. Unfit currency, 2—115. United States. Gross deposits and note circulation, 6—667. United States Shipping Board. Deposits of, are not Government deposits and require reserves, 5— 1054. Withdrawal of, by foreign depositors, 3—134, 155. Returned, 6—102, 205, 616. (See also Bank deposits; Clayton act; Comptroller of Currency; Coupons; Federal farm loan banks; Federal Reserve Bank statements; Federal Re¬ serve Banks; Gold settlement fund; Government DEPOSITS —Continued. deposits; Guaranty of deposits; Harding, Gov.; Hoarding; Interest; National banks; Net depos¬ its; New York Clearing House Banks; New York laws; Opinions, Attorney General; Opinions, coun¬ sel; Postal savings; Resources and liabilities; Re¬ serve deposits; Savings accounts; Savings depos¬ its; State banks.) DEPOSITS, ADVANCES AND DISCOUNTS. Argentine banks, 1914-1919, 6—599. DEPRECIATION. American dollar in Spain, reasons for, 5—1038, 1039. Charge— Alterations, 5—130. Bank premises, 6—26. Equipment, 6—130. Furniture, 2—12; 5—130. United States bonds, 5—26. DEPUTY CHAIRMAN, FEDERAL RESERVE BANKS. One-year term, 4—13. List of, 4—14. DEPUTY FEDERAL RESERVE AGENTS. Amendment to abolish title, 3—100. Favored by Federal Advisory Council, 3—107. Compensation of, 1—362. Designated for one year only, 2—51; 4—13. Hackney, W., Federal Reserve Bank of Boston, 3—7. Moncure, J. A., Federal Reserve Bank of Richmond, 3—7. National bank examiners in future not to be ap¬ pointed as, 2—2. Newsome, W. B., Federal Reserve Bank of Dallas, 2— 107. Term, one year, 2—51; 4—13. Thompson, H. B., Federal Reserve Bank of Phila¬ delphia, 2—509; 3—7. Treadway, L. H., Federal Reserve Bank of Cleveland, 3— 7. DESCRIPTION OF FEDERAL RESERVE DIS¬ TRICTS. Counties, population, etc., 3—668. DESIGNATION, REQUIREMENTS FOR. As reserve cities, 1—49; 3—921. (See same.) DESIGNATIONS, YEARLY. For Federal Reserve Agents and deputies, 2—51. DESTINATION. Change from foreign to domestic, 2—12. (See Acceptances.) DETROIT. Branch of Federal Reserve Bank of Chicago, 4—10,256. Directors, 6—126; 6—61. Employees, 5—778. DEUTSCHE BANK. Condition statement— 1913- 1918, 5—736. 1914- 1919, B—1049. Dividends, 1913-1918, 5—736. (See Germany.) DEVELOPMENT. Acceptances. (See same.) Discount market, 4—259. (See Production.) 70 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. DEVICE. ( See Acceptances, domestic.) DIFFERENTIAE. In favor of member bank acceptances, 3—28. DIGEST, INDEX. Federal Reserve Act. C. S. Hamlin, 1—15 (first edition); 3 — 826; 4 — 1 (second edition). Opinions of counsel, rulings of Federal Reserve Board, January 1, 1917-May 1, 1918, 4—571. Rulings, Foreign Exchange Division, 4 — 864. Warehouse laws of States, 1 — 260. DIRECT ADVANCES TO FARMERS, CANNERS, LIVE-STOCK RAISERS, ETC., 4—807, 829, 830. (See Collateral notes; Department of Agriculture; Department of Agriculture and Treasury; Farm loans; War Finance Corporation.) DIRECT ADVANCES TO MEMBER BANKS. Warrants not eligible as security, 2 — 609. (See Indorsement; Member bank’s collateral notes.) DIRECT DISCOUNT. (See Discount.) t DIRECT DISCOUNTS. Federal Reserve Banks can not discount directly for individuals, 3 — 457. DIRECT LIABILITY. (See Acceptances; Guaranty.) DIRECT LOANS. National banks may make, on security of farm lands, and may purchase or discount such loans, under section 24, Federal Reserve Act, 2 — 120. DIRECT OBLIGATION. Of member bank ineligible for rediscount, 1—72. (Law amended later. See Member bank collateral notes.) DIRECT OBLIGATIONS, NONMEMBER BANKS. Indorsed by member banks and secured by Govern¬ ment obligations is eligible. Circular letters, 3—426, 430, 509, 579. Rediscount of, permitted until July 15, 1907, 3—126, 430, 509. Privilege extended, 3—579. Savings banks. Same privilege, 3—426, 429, 579. Note of, used in purchasing United States bonds or securities eligible when indorsed and offered by a member bank, 3—509. (See Stamp tax.) (See Nonmember banks.) DIRECTOR GENERAL OF RAILROADS. Notes, secured by certificates issued by, not subject to stamp tax if par value of certificates is not less than amount of note, 5—566. (See Stamp tax.) (See Railroads.) directors. Act September 26, 1918. Change in method of group¬ ing, 4—947, 950. Allen, P. R., Class C, Boston, 4—695, 817. Annual elections, 1—211; 2—2, 670; 4—5; 6—60, 61, 159, 782. Baltimore branch, 5—126; 6—61. Benedict, C. H., Class C, Minneapolis, 5—821. Birmingham branch, 5—126; 6—61. Branch banks. List, 4—14, 596, 817; 5—126, 127, 530, 619, 705, 919; 6—61. DIRECTORS—Continued. Brodhead, J. D., Class C, Philadelphia, 2—509. Bruce, Howard, Class C, Richmond, 4—491. Buffalo branch, 5—530. Cincinnati branch, 5—530; 6—61. Circulars— National-bank examiners, 2—2. Political or public office, 2—2, 16; 6—10. Class A— Must be resident of district, 2—607. Resident of part of Connecticut transferred to New York not eligible for, of Boston, 2—607. Financial conference with Federal Reserve Board, 6—566. Recommendation to Interstate Commerce Com¬ mission and Shipping Board, 6—581. Class A and B— Election, 3—7, 742; 4L-14, 695; 5—25, 26; 6—60. Instructions, 3—742. Class B and C— Election, 2—3, 52; 6—60. Class C— Appointment of, 2—1, 3, 51, 52; 3—7, 742, 743; 4—13, 14, 491; 5—25; 6—60. Executive committee. May serve on, 1—-211. Mutual savings bank. Can not be director of, 5—53. Classification— Three groups, 2—670; 4—1055, 1092. Reclassification, 4—1055, 1092. Clayton Act. Interpretation of. (See Clayton Act.) Davis, W. J., Class C, New Orleans, 2—309. Denver branch, 5—126; 6—61. Detroit branch, 5—126; 6—61. El Paso branch, 5—126; 6—61. Election of, 1—211, 360, 365, 407; 2—3, 52, 510, 597; 3—7, 290; 4—5, 14, 695, 1055, 1092; 5—25, 26, 53, 127, 530, 619, 705; 6—10, 61, 159, 782. (See Polls.) Eligibility— May serve out term when district lines changed, 1—103. Holding political or public office, 2—2. National bank examiner— Hereafter not eligible for Federal Reserve Agent or deputy, 2—2. Present designations to be changed after Jan¬ uary 1, 1916, 2—2. Officers and employees, annual election, 2—2. Federal Advisory Council, members not eligible for, 2—3. Class G, eligible for executive committee, 2—65. Resident of part of Connecticut transferred to Boston not eligible for Class C, Boston, 2—607. Class C director can not be director of mutual savings bank, 5—53. Examiners’ reports of Federal Reserve Banks to be read and checked by, 2—206. Executive committee. Class A, eligible for, 2—65. Expiration of term. Can not hold over, 3—290. Federal Advisory Council. Members of, not eligible for, 2—3. Fees of. National banks, 2—514; 5—132, 253. Financial conference of Class A with Federal Reserve Board, 6—566. INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. 71 DIRECTORS —Continued. - Forms, election, 1—360. Grouping of, 2—670; 4—1055, 1092. Guaranty or indorsement of. Federal Reserve Banks may require, 2—66. Hardy, C., Class C, Richmond, 2—153. Holding over. No, after expiration of term, 3—290. Houston branch, 5 —619; 6—61. Indorsement of discounted paper by. Federal Reserve Banks may require, 2—66. Instructions. Election of, 2—3, 52, 510, 597; 3—742. Act September 26, 1918, 4—947, 950. Jacksonville branch, 4—596; 5—126; 6—61. Lightcut, H. B., Class B, New Orleans branch, 2—438. List of expiring terms, 1916, 2—5J0. Little Rock, Ark., branch, 5 —126; 6—61. Loan to, section 22, 3—614, 694, 763, 929. ( See Section 22.) Los Angeles branch, 6—60, 61. Louisville branch, 5 —126; 6—61. Mandatory. Appointment of officer to vote, 6—1178. Martinez, F., Class C, Dallas, death of, 2—152. McCormick, V., Class C, Philadelphia, resignation of, 2—309. Memphis branch, 4—817; 5 —126; 6—61. Meredith, E. C., Class C, Chicago. Resignation of, 2— 372. Metcalf, J., Class C, Boston, 4—817. Mutual savings banks. Director of, not eligible for Class C, 5—53. Nashville branch, 5 —126, 919; 6—61. National bank examiners not eligible hereafter for Federal Reserve Agent or deputy, 2—2. New Orleans branch, 5 —127, 705; 6—61. Newsome, W. B., Deputy Federal Reserve Agent, Dallas, 2—107. Nominations for, are optional, 6—1178. Norris, G. W., Class C, Philadelphia, resignation, 2— 438. Oklahoma branch, 6—159, 782. Omaha branch, 5 —127; 6—61. One-year terms, 4—31. Optional. Nomination of director, 6—1178. Pittsburg branch, 5 —127, 705; 6—61. Political office. Holding of, 2—2, 16; 6—101 Polls. Closing of. Vote of member bank to be counted if certificate filed at any time before, 4—1215. Polls, opening of, 5 —961; 6—1178. Portland, Oreg., branch bank, 5—127; 6—61. Procter, W. C. Resigns from Cincinnati branch, 6 — 10 . Public office. Holding of, 2—2, 16. Qualifications of, 1—103. Reclassification of, groups, 4—1055, 1092. Recommendations of Class A, to Interstate Commerce Commission and Shipping Board, 6—581. Salt Lake City branch, 5 —127; 6—61. Seattle branch, 5 —127; 6—61. Spokane branch, 5 —127; 6—61. Term. Expiration of. Can not hold over, 3—290. Term, expiring, 1918, 4—1092. Term. One-year, 4—31. Thompson, H. B., Class C, Philadelphia, 2—509. DIRECTORS —Continued. Vote for. Banks must appoint officer to vote for 6— 1178. Votes for. (See Election.) Wooten, H. O., Class C, Dallas, 2—205. (See also Clayton Act; Federal Advisory Council; Ten¬ ure of office.) DIRECTORS, NATIONAL BANK. Assent to loans to, section 22, 3—614. Fees of, 2—514; 5—132, 253. Loans to, section 22, 3—614, 694, 763, 929. (See section 22, Federal Reserve Act.) Oaths of. Proposed bill requiring, 4—421. Qualifications of. Bill, 4—433. Removal. Bill providing for, of, for violation of law, 4—419, 420. Resolution of, 3—614. DIRECTORS, WAR FINANCE CORPORATION. Appointment of, 4—364. Statement by, 4—496. (See War Finance Corporation.) DISAPPROVALS. (See Capital Issues Committee.) DISBURSEMENTS. Federal Reserve Banks. (See Receipts and disburse¬ ments.) Federal Reserve Board. (See Earnings and expenses.) Fiscal agency, 2—671; 5—130, 134, 723, 777; 6—135, 726, 830. DISCONTO-GESELLSCHAFT BANK. Condition, 1913-1919, 5—736; 6—1049. DISCOUNT, DISCOUNTS (see also, Discount rates). Acceptances— Indorsed by member banks of other districts are eligible, 1—98. Export. (See Acceptances.) Regulation A, 1920. (See same.) Act, September 24, 1918, 4—1055 ; 5—1055. Act, March 3, 1919— Modifying 10 per cent limitation of section 13. Ex¬ pires December 31, 1920, 5—1055. Act, October 22, 1919, modifies United States Revised Statutes, section 5200, as to, by national banks; does not affect discount power of Federal Reserve Banks, 5—1055, 1056. Actually existing values. (See Acceptances; Actually existing values.) Actually owned. Paper. (See Acceptances; Actually owned.) Agricultural paper. Limitation on, 1—72; 2—67. Alaska. (See same.) Bill of lading drafts. (See Acceptances, principal heading.) Canal Zone. (See same.) Certificates of participation not eligible, 3—949. Classes, sizes, maturities. (See Discount and open- market operations, principal heading.) Classification. Discounts of member State banks and trust companies, 4—796, 798, 800, 917, 920; 5— 187, 296, 298, 406, 520, 1007; 6—444, 766, 1107. (See Discount and open-market operations, princi¬ pal heading.) Commercial paper actually owned. (See Acceptances; Actually owned.) 72 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. DISCOUNT, DISCOUNTS—Continued. Computation of— Based on maturity at time of discount and not upon agreement to repurchase, 2—461. For income tax, 6—249. Method of, 1—74; 2—272,456,461; 3—951; 5—249. Continental United States. (See same.) Corporation. Discount, New York. Policy and pur¬ poses, 5—114. Direct discount. Federal Reserve Banks can discount only, through member banks, 2—112, 679. Eligible paper. No obligation to discount, 6—1301. Equity exchange paper. Eligibility of, 3—379. Farm land. National bank may discount note secured by, whenever payable, if maturing within five years, 2—226. Federal Reserve Board. Discount policy, 3—76; 4— 1175; 6—558, 582. (See Federal Reserve Board.) Finance paper, not eligible, 4—197, 1120; 5—1054; 6—162, 609, 1176. (See Cotton factor; Finance paper. Fixed. (See Acceptances, trade.) Good faith. Drawn in. (See Acceptances; Actually existing values.) Government obligations. Discounts secured by. (See Discount rates; War paper.) Guaranty or indorsement of directors. Federal Re¬ serve Banks may require, 2—66. Hawaii. (See same.) Joint-stock land bank. (See same.) Limitation on. The 10 per cent limitation of section 13 is onlv limitation on Federal Reserve Banks, 3—287; 4—1120; 5—1055. (See Ten per cent limitation.) Member bank— Note of, not eligible, 1—72. Law changed. (See Member bank collateral notes.) Note of, for 90 days secured by Government bonds, rediscounted by another member bank is eli¬ gible, 4—863. (See Member bank collateral notes.) Mortgage loans. National banks may discount notes secured by, if maturing within required time and otherwise eligible, 2 —679. Nonmember banks— Note of, offered by a member bank not eligible if intended as a loan to, otherwise may be eligible, 1—213. Paper of, when secured by Government obliga¬ tions and indorsed by member bank is eligible, 3—426, 429. (See Liberty loans; Rediscounts.) Note of, for dealing in United States obligations. Eligible if indorsed by member bank, 4 —743. Note offered and indorsed by member bank containing an indorsement without recourse of a, is eligible, 4 —745. (See Nonmember banks.) Obligation. No, to discount even eligible paper, 6— 1301 at 1303. Open discount market. Development of, by accep¬ tances, 4 —-259; 5—106. (See Acceptances.) Open-market operations. (See same.) DISCOUNT, DISCOUNTS—Continued. Open-market operations. Discount and. (See Dis¬ count and open-market operations, principal heading.) Own acceptances. Discount of. (See Acceptances.) Philippines. (See same.) Policy of Federal Reserve Board, 3—76; 5—910, 1011 6—239. Porto Rico. (See same.) Power. Federal Reserve Banks not affected by act of October 22, 1919, amending United State. Revised Statutes, section 5200, 5—1055. Public service corporation— Notes of, which can not be liquidated out of current assets are really for capital purposes and not eligible, 3—949. Notes of, for supplies, etc., are eligible if proper proportion shown between cash accounts receivable and current liabilities, 3—527, 949. Purchases at a discount. (See United States bonds.) Rebate of, 1—308, 388; 2—461. Renewal notes. (See Acceptances; Renewal notes.) Savings banks. Notes of, secured by Liberty bonds and indorsed by member bank are eligible, 3— 426, 429. Section 13. (See Ten per cent limitation, section 13.) Territorial, United States. (See same.) United States Revised Statutes, section 5200. ( See Ten per cent limitation; United States Revised Statutes, section 5200.) Virgin Islands. (See same.) War Department vouchers. Eligible paper secured by, is eligible, 3—288. War Savings stamps— Notes secured by, not eligible, 4—637. (See also Acceptances, trade; Federal Reserve Act, section 13; Federal Reserve Banks; Rediscounts.) DISCOUNT AND INTEREST RATES, COMMER¬ CIAL. Federal Reserve Bank and branch cities, 4—812, 1016, 1106, 1209; 6—74, 154, 265, 376, 482, 577, 667, 750, 792, 1065, 1162; 6—72, 172, 286, 396, 514, 622, 713, 852, 967, 1085, 1215, 1329. DISCOUNT AND OPEN-MARKET OPERATIONS. Volume 1, 1914-1915— Acceptance business, development of, 1—52. Acceptances— By classes of accepting institutions. Hold¬ ings, each week, 1—53, 84, 169, 292, 338, 385, 426. By classes of acceptors, sizes. Holdings, each week, 1—54, 84, 169, 292, 338, 385, 426. Distribution of. (See supra, By classes.) Holdings of, Fridays, 1—54, 84, 169, 293, 338, 385, 426. Maturities— February 19, 1915-October 31, 1915, 1— 293, 339, 387, 427. Trade acceptances, 1—424. Member bank, nonmember bank, private bank, State banks and trust companies, 1—53, 84, 169, 292, 338, 385, 426. Purchased February 19, 1915 (first purchase), to October 31,1915, 1—293, 339, 387, 427. INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. 73 DISCOUNT AND OPEN-MARKET OPERATIONS— Continued. Volume 1, 1914-1915—Continued. Acceptances—Continued. Sizes. ( See supra, By classes.) Trade acceptances, discounts, 1—424. Bankers’ acceptances. ( See supra, Acceptances.) Commercial paper (exclusive of acceptances)— Discounts— September 8, 1915 (first discount), to October 31, 1915, 1—425. Sizes and percentages, 1—166, 243, 289, 335, 382, 422. States and maturities, 1—167, 243, 289, 335, 382,422. Holdings, last Fridays, maturities, 1—245, 292, 337, 384, 425. Maturities. ( See supra, Discounts, States and maturities; Holdings, last Fridays, maturities.) Sizes. (See supra, Discounts, sizes and per¬ centages.) States. (See supra, Discounts, States and maturities.) Commodity paper, discounts, September 8, 1915 (first discount), to October 31, 1915, 1—425. Development of acceptance business, 1—52. Discounts— (See supra, Commercial paper, discounts.) (-See infra. Trade acceptances, discounts.) Holdings. (See supra, Acceptance, holdings; Commercial paper, holdings.) Maturities. (See supra, Acceptances, holdings; Commercial paper, holdings; AVarrants, pur¬ chases, maturities.) Member bank acceptances. (See supra, Accep¬ tances, member bank.) Nonmember bank acceptances. (See supra, Acceptances, nonmember bank.) Purchases of acceptances. (See supra, Accept¬ ances, purchased.) Sizes. (See supra, Acceptances, by classes of acceptors; Commercial paper, discounts, sizes, and percentages.) State banks and trust companies. Acceptances, 1—53, 84, 292, 338, 385, 426. States. (See supra, Commercial paper, discounts; States and maturities.) Total investment operations, 1—221, 268, 360, 365, 406. Trade acceptances, discounts, 1—424. Trust companies. (See supra, State banks and trust companies.) Volume 2, 1916— Acceptances— Classes of accepting institutions, holdings, 2—44, 91, 141, 194, 249, 29S, 361, 423, 496, 576, 644, 717. Classes of accepting institutions and sizes, holdings, 2—44, 91, 195. Holdings, Fridays, maturities, 2—44, 92, 141, 194, 249, 298, 361, 423, 496, 576, 645, 717. (See also supra, Classes, etc.) Purchased— Classes of accepting institutions and sizes, 2—142, 250, 299, 362, 424. DISCOUNT AND OPEN-MARKET OPERATIONS— Continued. Volume 2, 1916—Continued. Acceptances—Continued. Purchased—Continued. Maturities, 2—45, 92, 141, 195, 250, 299, 362, 424, 497, 577, 645, 718. Sizes, 2—497, 577, 646, 719. Bankers’ foreign trade acceptances. (See supra, Acceptances.) Commercial paper (exclusive of acceptances)— Discounts, sizes and percentages, 2—40, 87, 137, 190, 245, 294, 357, 419, 492, 572, 640, 712. Holdings, last Friday, maturities, 2 —43, 91, 140, 193, 248, 297, 360, 422, 495, 575, 644, 716. States and maturities, 2 —40, 88, 138, 191, 246, 294, 357, 419, 493, 573, 641, 713. Commodity paper— By classes, 2—43, 90, 140, 193, 248, 297, 360, 422, 495, 575, 643, 715. Discounts, 2—43, 90, 140, 193, 248, 297, 360, 422, 495, 575, 643, 715. Foreign trade acceptances. (See Acceptances.) Holdings. (See supra. Acceptances; Classes of accepting institutions; Classes of accepting institutions and sizes; Holdings, Fridays, maturities; Commercial paper, holdings.) Maturities. (See supra, Acceptances, holdings, Fridays, maturities; Acceptances purchased, maturities; Commercial paper, holdings, last Friday, maturities; States and maturi¬ ties; Trade acceptances.) Member banks. (See supra, Acceptances, classes of accepting institutions; Acceptances, classes of accepting institutions and sizes; Accept¬ ances purchased, classes of accepting institu¬ tions, and sizes; Commercial paper; Com¬ modity paper.) Member banks collateral notes, discounts, 2—643, 715. Municipal warrants. (See infra, Warrants.) Private banks. (See supra, Acceptances, classes of accepting institutions; Acceptances, classes of accepting institutions and sizes.) Purchased. (See su pra, Acceptances, purchased.) Short-term investments. (See infra, Warrants.) Sizes. (See supra, Acceptances, classes of accept¬ ing institutions and sizes; Commercial paper, discounts, sizes, and percentages.) State banks and trust companies. (See supra, Acceptances, classes of accepting institu¬ tions; Acceptances, classes of accepting in¬ stitutions and sizes.) States. Commercial paper by. (See supra, Com¬ mercial paper, States and maturities.) Total investment operations, 2 —196, 251, 300, 363, 425, 498, 578, 647, 719. Trade acceptances— Discounts, maturities, 2 —42, 90, 140, 193, 248, 297, 359, 422, 495, 575, 643, 715. Purchases, 2—142, 195,196, 250, 299, 300, 361, 362, 363, 424, 498, 576, 647, 719. United States bonds, 2 —196, 251, 300, 363, 425, 498, 579, 647, 648, 719. 74 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN DISCOUNT AND OPEN-MARKET OPERATIONS— Continued. Volume 2, 1916—Continued. United States 2 per cent bonds converted into 30- year 3 per cent bonds and 1-year 3 per cent gold notes, 2—300, 647, 649. United States 3 per cent bonds, 2 per cent bonds converted into, 2 —300, 647, 649. United States 1-year gold notes, 2 per cent bonds converted into, 2—300, 579, 647, 649, 719. United States Treasury certificates, 2 —300. 363, 425, 498, 579, 647, 648, 719. Warrants, purchases, maturities, 2 —196, 251, 300, 363, 425, 498, 578, 646, 647, 718, 719. Volume 3, 1917— Acceptances— Classes of acceptance institutions, 3—63, 141, 222, 487, 566, 641, 816, 906, 979. Purchases of, 3—64, 65,142,143, 223, 321, 415, 487, 490, 569, 641, 642, 719, 721, 815, 819, 909, 982. Sizes, 3—65, 143, 222, 318, 411, 487, 565, 641, 717, 815, 905, 978. Agricultural paper, 3 —638, 814, 902, 978. Bankers’ acceptances, 3 —66, 144, 225, 321, 415, 487, 490, 565, 569, 641, 644, 717, 718, 721, 813, 819, 905, 909, 978, 982. Bills discounted, 3—642, 644, 719, 814, 902, 903. (See Commercial paper; Total investment op¬ erations.) Commercial paper— Classes, 3—415, 486, 565, 637, 638, 716, 721, 814, 902, 977, 978. Maturities. ( See infra, same.) Sizes, 3—58, 136, 221, 317, 408, 486, 564, 637, 716, 813, 901, 977. States and maturities, 3 —59, 136, 409. Commodity paper, discounts and classes, 3 —61, 139, 221, 317, 408, 486, 565, 637, 716, 814, 902, 977. Conversion operations, 3 —224, 415, 416, 644, 721, 909. (See United States bonds.) Foreign bank branches and agencies. Accept¬ ances, 3—487, 566, 718, 816, 906, 979. Holdings, Federal Reserve Banks— Acceptances, 3 —63, 64, 141, 222, 224, 319, 320, 412, 414, 486, 568, 643, 487, 489, 718, 720. Agricultural paper, 3—486, 565, 638, 962. Bankers’ acceptances. (See Acceptances.) Commercial paper, 3—62, 140, 221, 223, 224, 225, 319, 320, 413, 414, 486, 488, 489, 565, 567, 568, 638, 643, 717, 719, 720, 814, 816, 817, 902, 903, 907, 908, 978, 981. Discounts, 3—62, 140, 221, 317, 408, 414, 486, 720, 817. Live-stock paper, 3 —486, 565, 638, 902. Member banks’ collateral notes, 3—221, 317, 408, 486, 565, 638, 717, 814, 902, 982. Trade acceptances, 3 —566. United States bonds, 3 —66,144, 644, 721, 909, 982. Warrants, 3—720, 817; 3—65, 143. United States one*year gold notes, 3—66, 144, 644, 721, 909, 982. Live-stock paper, 3 —638, 814, 902, 978. DISCOUNT AND OPEN-MARKET OPERATIONS— Continued. Volume 3, 1917—Continued. Maturities— Acceptances, 3 —64, 141, 223, 224, 319, 320, 413, 487, 488, 489, 566, 567, 568, 642, 643, 718, 719, 720, 816, 907, 908, 980, 981. Bills discounted, 3 —66, 144, 225, 319, 321, 415, 488, 489, 566, 567, 568, 569, 642, 643, 718, 719, 720, 721, 816, 819, 903, 906, 907, 908, 909, 979, 980, 981, 982. Commercial paper, 3 —59, 62, 136, 140, 409, 411, 413, 639. Member bank collateral notes, 3 —61,139, 221, 317, 408, 486, 565, 637, 638, 639, 716, 717, 814, 902, 903, 977, 978. Member banks— Number of, 3—639. Number accommodated, 3—639. Nonmember banks, acceptances, 3 —487, 566, 718, 816, 906, 979. Private banks, acceptances, 3 —487, 566, 718, 816, 906, 979. Resources and liabilities, 3—67, 145, 226, 332, 416, 491, 576, 645, 722, 820, 910, 983. United States bonds. (See United States bonds, infra.) United States one-year gold notes. (See same, infra.) United States Treasury certificates. (See same, infra.) Warrants, 3—65, 143, 223, 319, 320, 567, 568, 642, 643, 719, 720, 816, 907, 908, 980, 981. States. Commercial paper by, 3 —59, 146, 409. Total investment operations, 3 —66, 144, 225, 321, 415, 490, 569, 644, 721, 815, 909, 982. Trade acceptances, 3— 61, 66, 139, 144, 221, 225, 317, 321, 415, 486, 487, 490, 565, 566, 569, 637, 641, 644, 717, 718, 721, 814, 815, 816, 819, 902, 905, 906, 909, 977, 978, 979, 982. United States bonds, 3 —66, 144, 224, 225, 321, 415, 416, 490, 569, 644, 721, 819, 909, 982. United States one-year gold notes, 3—66, 144, 224, 225, 321, 415, 416, 490, 569, 644, 721, 819, 909, 982. United States securities. (See United States bonds, supra.) United States Treasury certificates, 3—415, 490, 644, 819, 909, 982. Warrants, 3 —65, 143, 144, 223, 225, 319, 321, 414, 415, 489, 490, 569, 642, 644, 719, 721, 819, 909, 982. Volume 4, 1918— Acceptances. Classes of accepting institutions, 4—54, 138, 230, 343, 464, 554, 669, 788, 898, 1025, 1026, 1146, 1244. Acceptances, purchases, 4:—54, 55, 56, 138, 130, 230, 343, 464 , 554, 669, 778, 898, 1025, 1026, 1146. Agricultural paper, 4—53, 135, 229, 342, 463, 552, 668, 776, 897, 1024, 1146, 1244. Average rates, bills discounted, 4—553, 668, 777, 897, 1024, 1145, 1243. Bankers’ acceptances, 4—141, 233, 346, 466, 557, 671, 781. (See Rediscounts and sales.) Bills discounted, 4—53, 55, 56, 135, 136, 139, 140, 141, 229, 233, 342, 346, 463, 466, 552, 553, 557, 667, 668, 671, 776, 781, 896, 1024, 1144, 1242. INDEX-DIGEST OF FEDERAL, RESERVE BULLETIN. 75 DISCOUNT AND OPEN-MARKET OPERATIONS— Continued. Volume 4, 1918—Continued. Commodity paper, 4 —53. (See Bills discounted; Rediscounts.) Foreign bank branches and agencies, acceptances » of, held bv Federal Reserve Banks, 4—54, 138, 230, 343, 464, 554, 669, 778, 898, 1025, 1026, 1146, 1244. Holdings. ( See supra, Average rates; Bills dis¬ counted.) Live-stock paper, 4 —53, 135, 229, 342, 463, 552, 668, 776, 897, 1024, 1146, 1244. Maturities— Bills discounted; acceptances purchased; warrants, 4—55, 56, 136, 139, 140, 231, 232, 343, 344, 464, 465, 555, 556, 669, 670, 779, 780, 899, 900, 1026, 1027. United States bonds and securities, 4 —57, 346, 467, 557, 672, 781, 901, 1029. Maturity, average. ( See supra, Average rates.) Member bank collateral notes, 4 —53, 135, 229. 342, 463, 552, 667, 668, 766, 896, 897, 1023, 1024, 1143, 1144, 1145, 1146, 1241, 1243, 1244. Member banks— Number, 4—52, 136. Number accommodated, 4—52, 136, 552, 667, 776, 1023, 1143, 1241. Member banks. Acceptances of. Purchased by Federal Reserve Banks, 4 —54, 138 , 230, 343, 464, 554, 669, 778, 898, 1025, 1026, 1146. Private banks. Acceptances of. Purchased by Federal Reserve Banks, 4 —54, 138, 230, 343, 464, 554, 669, 778, 898, 1025, 1026, 1146. Rates. Average. ( See supra, Average rates.) Rediscounts, Federal Reserve Banks with other Federal Reserve Banks, 4 —778, 1147. Rediscounts and sales of acceptances, among Federal Reserve Banks, 4 —777, 1147. Resources and liabilities, 4 —58, 141, 234, 347, 468, 559, 673, 782, 902, 1030, 1148, 1245. Total investment operations, 4 —57, 141, 233, 346, 466, 557, 671, 781, 901, 1028, 1242. Trade acceptances, 4 —53, 54, 135, 138, 141. 229, 230, 233, 342, 343, 346, 463, 464, 466, 552, 554, 557, 667, 668, 669, 671, 776, 778, 781, 896, 897, 898, 1024,1025,1026, 1145, 1146, 1243, 1244. United States bonds and securities, 4 —57, 141, 233, 346, 466, 557, 671, 781, 1242. United States Liberty bonds— Purchases under 15-day repurchase agree¬ ments, 4 —345, 466, 557, 671. Security for paper, 4—53, 135, 229, 342, 463, 552, 667, 776, 896, 1024, 1144, 1145, 1243. United States one-year gold notes, 4—57,141, 233, 346, 467, 557, 672, 781, 901, 1029. United States Treasury certificates, 4 —57 , 233, 463, 467, 552, 557, 667, 672, 776, 781, 896, 901, 1024, 1029, 1144, 1145, 1242, 1243. Purchase under repurchase agreements, 4—229. 342, 345, 466, 557, 671. Warrants, 4—55, 56, 139, 141, 233, 346, 466, 557, 671, 781. Volume 5, 1919— Acceptances— Classes of accepting institutions, 5—87, 281, 392, 497, 593, 684, 795, 885, 991, 1086, 1184. DISCOUNT AND OPEN-MARKET OPERATIONS— Continued. Volume 5, 1919—Continued. Acceptances—Continued. Purchases of, 5—165, 279, 389, 493, 496, 590, 681, 793, 882, 988, 1082, 1083, 1181. Rates, 5—685, 990. Agricultural paper, 5—86, 281, 391, 496, 592, 683, 794, 885, 991, 1085, 1184. Average earnings, 5—84, 85, 166, 280, 281, 390, 494, 591, 682, 792, 883, 988, 1083, 1182. (See Average rates.) Average holdings, 5—84, 85, 166, 280, 281, 390, 494, 591, 682, 792, 883, 988, 990, 1083, 1182. Average maturities. (See Average holdings.) Average rates, 5—84, 85, 166, 280, 281, 389, 390, 392, 494, 591, 6S1, 682, 684, 792, 883, 988, 990, 1083, 1084, 1182.. Bankers’ acceptances, 5—84, 85, 165, 280, 281, 390, 391, 494, 495, 496, 591, 592, 682, 683, 792, 793, 794, 883, 884, 885, 989, 991, 1083, 1084, 1085, 1183, 1184. Bills discounted, 5—84, 85, 86, 165, 279, 280, 281, 389, 391, 493, 496, 500, 592, 681, 683, 882, 885, 988, 989, 991, 1082, 1083, 1085, 1181, 1183, 1184. Earning assets. (See Average holdings; Holdings.) Earnings. (See Average earnings.) Finance bills, 5—281, 301, 495, 592, 683, 793, 884, 989, 1084, 1183. Foreign bank branches and agencies, acceptances of, purchased by Federal Reserve Banks, 5— 87, 281, 392, 497, 593, 684, 991, 1184. Holdings. (See Average earnings.) Live-stock paper, 5—86, 281, 391, 496, 592, 683, 794, 885, 991, 1085, 1184. Maturities, average. (See Average maturities.) Maturity, bills discounted; acceptances; war¬ rants, 5—496, 990, 1084. Member bank collateral notes, 5—85, 86, 280, 281, 390, 391, 494, 496, 591, 592, 682, 683, 792, 794, 884, 885, 989, 991, 1083, 1085, 1183, 1184. Member banks, number of, and number accom¬ modated, 5—84, 165, 279, 388, 492, 589, 680, 782, 882, 987, 1081, 1181. Nonmember banks, acceptances of, purchased by Federal Reserve Banks, 5—87, 281, 392, 497, 593, 684, 991, 1184. Private banks, acceptances of, purchased by Fed¬ eral Reserve Banks, 5—87, 281, 392, 497, 593, 684, 991, 1184. Rates. (See Average rates.) Rediscounts and sales between Federal Reserve Banks, 5—170, 171, 495, 687, 794, 1085. Resources and liabilities, 5—87,172, 282, 393,497, 595, 797, 890, 994, 1089, 1187. Total investment operations, 5 —84, 165, 279, 389, 493, 590, 680, 790, 883, 988, 1082, 1181. Trade acceptances, 5 —84, 85, 86, 87,165, 280, 281, 389, 390, 392, 493, 494, 495, 496, 497, 590, 591, 592, 593, 681, 682, 683, 684, 792, 793, 794, 8S2, 884, 885, 988, 989, 991, 1083, 1084, 1085, 1183, 1184. United States bonds and securities, 5 —84, 165, 279, 389, 390, 493, 494, 590, 591, 681, 682, 792, 883, 988, 989, 1082, 1083, 1181, 1182. United States one-year gold notes, 5 —84,165, 279, 389, 493, 590, 681, 792, 883, 988, 1082, 1181. 76 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. DISCOUNT AND OPEN-MARKET OPERATIONS— Continued. Volume 5, 1919—Continued. United States Treasury certificates, 5 —84, 165, 279, 389, 493, 590, 681, 792, 883, 988, 1082, 1181. United States Victory notes, 6—883, 988, 1082, 1181 United States war obligations. ( See War paper.) War paper. 5—86, 280, 281, 390, 391, 494, 496, 591, 592, 682, 683, 792, 794, 884, 885, 989, 991, 1083, 1085, 1183, 1184. Warrants, 5—84, 85, 165, 279 , 389 , 493, 590, 681, 882, 883, 988, 989, 1082, 1083, 1181, 1182. Volume 6, 1920— Acceptances— Held each month, by accepting institutions, 6—93, 193, 307, 416, 532, 642, 741, 873, 985, 1102, 1233, 1348. Purchased— Maturities, three months’ period, 6—191, 530, 870, 1231. Rates of discount, three months’ period, 6—92, 414, 742, 1104. Each month, 6—91, 93, 191, 193 , 306, 413, 415, 530, 532, 641, 642, 740, 741, 870, 873, 984, 985, 1101, 1102, 1231, 1233, 1349. Agricultural and live-stock paper held each month, 6—93, 193, 307, 415, 532, 641, 741, 872, 985, 1102, 1233, 1349. Bankers’ acceptances. (See supra, Acceptances, held each month.) Bills discounted— Maturities, three months’ period, 6 —191, 530, 870, 1231. Rates of discount, three months’ period, 6— 91, 413, 742, 1103. Total each month, 6—90, 192, 306, 412, 530, 641, 740, 870, 984, 1101, 1231, 1340. Chart, rediscounts between Federal Reserve Banks, 6—1042. Customers’ paper, secured by, Government obliga¬ tions, 6—90, 191, 306, 412, 530, 640, 740, 870, 984, 1101, 1231, 1348. Dollar exchange bills, purchased each month, 6—91, 191, 306, 413, 530, 641, 740, 870, 984, 1101, 1231, 1349. Earning assets held each month, 6—90, 190, 305, 412, 529, 640, 739 , 864, 983, 1100, 1230, 1348. Fiscal year 1920, 6—723, 725. Earnings from earning assets, 6—90,190, 305, 412, 529, 640, 740, 869, 983, 1101, 1230, 1348. Foreign banks and branches. Holdings of accept¬ ances of, 6—93, 193, 307 , 416, 532, 642, 741, 873, 985, 1102, 1233, 1349. Live-stock paper. ( See supra. Agricultural and live-stock paper.) Maturities. (See supra, A-ceeptances.) Member banks. Number discounting, 6 —89, 189, 304, 411, 528 , 639, 738, 868, 982, 1099, 1299. 1346. Member banks collateral notes. Holdings, 6—93, 193, 307, 415, 532, 641, 741, 872, 985, 1102, 1233, 1349. Municipal warrants. (See infra, Warrants.) Nonmember banks. ( See supra, Acceptances.) Private banks. ( See supra, Acceptances.) DISCOUNT AND OPEN-MARKET OPERATIONS— Continued. Volume 6, 1920—Continued. Rediscounts— Between Federal Reserve Banks, 6—192 531, 871, 1014, 1232. Fiscal year 1920, 6 — 730, 1041. Sales of acceptances. ( See supra, Rediscounts.) Total investment operations, 6—89, 189, 305, 412, 529, 640, 739, 869, 983, 1100, 1230, 1347. Trade acceptances, 6 — 90, 191, 306, 412, 530, 641, 740, 870, 1102, 1231, 1349. United States securities. ( See supra, Total investment operations.) United States Treasury certificates. ( See supra, Total investment operations.) United States Victory notes. (See supra, Total investment operations.) War paper— Discounted, 6—90, 191, 306, 412, 530, 641, 665, 741, 870, 984, 1101, 1231, 1348. Holdings, 6—93, 193, 307, 415, 532, 641, 741, 872, 985, 1102, 1233, 1349. Warrants. (See supra, Total investment opera¬ tions.) DISCOUNT COMPANIES, 4—695. DISCOUNT CORPORATION, NEW YORK. Policy and purposes, 5—114. DISCOUNT POLICY, 3—76; 5—910, 1011; 6—223, 229. Federal Reserve Board to Senate on, 6—558, 582. DISCOUNT RATES (see also, Discount; Discounts). Acceptances— Higher than open-market rate, 3—76. Increase, New York, 3—4. Long term, are in effect a guaranty of fixed dis¬ count rates, 4—259. (See infra, Schedules.) Act April 13, 1920. Progressive rates, 6—498. Aldrich-Vreeland notes. Discount rates lowered to help retire, 1—47. Average discount and purchase rates. (See Discount and open-market operations.) Bank of England, 6—446, 955, 1070, 1199, 1312. Bankers’ acceptances— Spread between minimum and maximum rates increased, 3 —236. Trade acceptances on importations take, rate, 2—168. Based on maturity at time of discount and not on agreement of repurchase, 2 —461. Mail transfers. Based theoretically on 15-day rates, 4—371. Basic rates— (See supra, Act April 13, 1920.) (See infra, Progressive rates.) Call money rates. (See same.) Cattle loan rates— Hoover, H., urges loans at not in excess of 7 per cent, 3—659. (See Agricultural and live-stock paper.) Clearing house conference, 6—3, 157. (See Interest rates.) Commercial rates— Federal Reserve Bank and branch cities. (See same.) INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. 77 DISCOUNT RATES—Continued. Commercial rates—Continued. Member banks, 6—571. New York, 1914-1919 , 5—429. Rise and fall in, 5—13, 14, 101, 112, 196, 536. (See Business conditions.) Commodity rates. ( See Commodity paper.) Computation of discount. Method, 1—74; 2—272, 457, 461; 8—951; 4—744; 5—249. Congress has delegated power to fix, to Federal Reserve Banks and Federal Reserve Board, 1—24. Decrease in, 2—437. Discussion of, 5—105, 196, 910, 1010, 1106, 1162; 6—2, 117, 118, 213, 223, 345, 446 (foreign), 556, 777. Earnings from. ( See Discount and open-market operations.) Effectiveness of, 5—2, 196, 524, 911, 1015 ; 6—117, 213, 223, 345, 556, 777. Federal Advisory Council— Favors increase in, 3—922. Favors policy of Federal Reserve Board, 4 —931. Favors present rates, 6—224. Oppose increase in, 4 —492. Federal Reserve Bank and branch cities, commercial rates in, 4—812, 1016, 1106, 1209; 5—74, 154, 265, 376, 482, 577, 677, 750, 864. 972, 1065,1162; 6—72, 172, 286, 396, 514, 622, 713, 852. Federal Reserve Bank of Kansas City, on progressive rates, 6—449. Federal Reserve Banks— Congress has delegated to, and Federal Reserve Board the power to fix rates, 1—24. Not affected by United States Revised Statutes, section 5198, limiting national banks to maximum rates fixed by State law, 1—24. (See infra, Increase.) Federal Reserve Board— Discount rate policy, 3—76, 923; 4 —487, 931, 1175; 5—196; 6—558, 582. Federal Advisorv Council favors discount policy of, 4r—931. Federal Reserve notes. Not bound to charge interest rates on, 2—273. Power to fix discount rates on own initiative, 1—24. To United States Senate on discount policy, 6—582. Urges increase in discount rates, 3—923; 4 —487. Fifteen-day rate— Commercial paper, 2—509. Member bank collateral notes, 2—513. Fixing of. Delegated to the Federal Reserve Banks and the Federal Reserve Board unaffected by the provisions of United States Revised Statutes, section 5198, limiting national bank maximum rates to those allowed by law of State in which they are located, 1—24. Foreign exchange rates. (See same.) Form of reporting, 1—71. Forward rates. 1—97, 98, 221. Government securities. (See infra, Preferential rates.) Governors not in favor of increase of, 4—689, 690. Great Britain, 6—446, 1070, 1199, 1312. DISCOUNT RATES—Continued. Guaranty of. Long-term and renewal acceptances amount to a, 2U—58S; 4 —259. Income tax. Computation of discount for, 5—249. Increase in, 2—205, 261, 371, 372 ; 3—235, 425, 429, 922, 923; 4—7,362, 487. 813. 922; 5—100,105, 325, 328, 943, 1009, 1011, 1017, 1106, 1108; 6—2, 105, 118, 196, 447, 557. Earlier increase but for Liberty loan subscribers, 5—1108. Federal Advisory Council favors, 3—922. Opposes, 4—492. Federal Reserve Bank of Boston favors, 5—325. Federal Reserve Bank of Kansas City favors, 3—328. Federal Reserve Board favors, 3—923; 4—487. Governors do not favor, 4—690. No increase during Liberty Loan I, 2—580. Reasons against, 5—105, 196. Secretary of Treasury opposes, on Government bonds, 4—20. Interest. Rebate of, 1—308, 388; 2—461. London and New York, comparison, 5—106. Mail transfers— Charges for, to be based theoretically on 15-day rate, 4—371. (See supra, Based on.) Member bank collateral notes— Fifteen-day rate, 2—509. Secured by war paper, 3—497. National banks— Provisions of United States Revised Statutes, section 5198, limiting maximum rates of, to rates fixed by State law, has no application to Federal Reserve Bank rates, 1—24. Usurious rates, 3—292. New York, commercial rates, 1914-1919, 5—429. New York and London. Comparison, discount rates, 5—106. New York market, 1918-1920, 6—479, 941, 942. Nonmember banks. Notes of, to take commercial paper rates, 3—497. One-day rate, 3—497, 498. Open-market rates. Acceptance, are lower than ac¬ ceptance discount rates, 3—76. Policy, Federal Reserve Board, 3—76, 923; 4—425, 487, 931, 1175; 5—196; 6—558, 582 (to United States Senate). Approved by Federal Advisory Council, 4—931. Preferential rates— War paper, 3—197, 425, 429, 457, 497, 922; 4— 922; 5—361; 6—162, 163. Speculative activity can not effectively be con¬ trolled through discount rates because of ex¬ istence of, 5—311, 524, 617, 1010, 1015, 1017, 1108. Used for other purposes than helping Liberty bond subscribers, 5—1108. Profit. Funds obtained bv rediscounting should not be used for, 5—311, 524, 617, 1009, 1015, 1017, 1107. Progressive rates— Act, April 13, 1920, 6-498. Federal Reserve Bank of Kansas City on, 6—449. Scale adopted, 6—777. Three months, 6—747. 78 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. DISCOUNT RATES—Continued. Rebate of discount, 1—308, 388; 2—461. Reclassification of, 4—7. Renewal acceptance. A guaranty of, 2—587, 588. Reporting of. ( See supra, Form.) Reports on. By Federal Reserve districts, 6—571. Schedules of, 1—29, 111, 124, 214, 266, 343, 359, 403; 2—11, 63, 110, 204, 216, 308, 319, 383, 505, 585, 656, 677; 3—74, 152, 231, 235, 241, 327, 421, 496, 575, 650, 728, 825, 916, 988; 4—66, 152, 242, 357, 482, 570, 685, 794, 914, 1161, 1254; 5—98, 182, 292, 404, 510, 607, 698, 810, 902, 1006, 1102, 1106, 1110, 1199; 6—2, 72, 73, 110, 172, 173, 211, 286, 287, 328, 396, 397, 436, 514, 515, 551, 622, 623, 659, 713, 762, 852, 890, 967, 1004, 1121, 1250, 1368. Situation, January, 1920, 6—117. Speculative activity. Control of, through discount rates, 5—311, 524, 617, 1010, 1015, 1017, 1108. Standardized schedule, 3—235. Super rates. ( See supra, Progressive rates.) Ten-day rate, 1—124. Trade acceptances based on importations take bankers’ acceptance rate, 2—168. Uniform discount rates no longer needed, 5 —1017. Uniform forms for reporting, 1—71. United States Revised Statutes, section 5198. Dis¬ count rates. National banks. Does not apply to Federal Reserve Banks, 1—24. Usurious rates charged by national banks, 3—292. War. Discount rates during, 4 —1175, 5 —943. War Finance Corporation. Minimum rates, 5—29. War paper— Increase in rates, 4 : —922; 5 —100,1009,1010,1016. Liberty Loan IV, 3—425, 429. Preferential rates— Abuse of, 5—1108. ( See supra, Preferential rates.) Profit. Banks should not rediscount at, over cou¬ pon or interest rate. ( See supra, Profit.) Speculative activity can not effectively be con¬ trolled through discount rates because of. ( See supra, Preferential rates.) DISCOUNTS. (See Argentina; Discount and open-market opera¬ tions; Federal Reserve Banks; Maturities; Mem¬ ber banks; Rediscounts; State banks and trust companies.) DISCRIMINATE. Federal Reserve Banks should, against trade accept¬ ances drawn to liquidate slow open accounts, 4—30. DISCRIMINATION. Against unindorsed acceptances of an acceptance cor¬ poration, 4—634. DISHONORED AT MATURITY. A bill drawn for a fixed sum plus collection charges is not negotiable unless so drawn as to show that such charges accrue only if bill is, 3—880; 4—745. DISQUALIFIED, 2—606. (See Clayton Act.) DISTINCTION BETWEEN AGRICULTURAL AND COMMERCIAL PAPER, 6—1301 DISTRIBUTION. (See Acceptances; Discount and open-market opera¬ tions; Dividends; Rediscounts; United States Treasury certificates; Warehouse receipts.) DISTRICT, RESIDENTS OF, 2—607. (See Directors, Class A.) DISTRICT COMMITTEES. List, Liberty loan, 3—437. Capital Issues Committee, 4—156, 166. DISTRICT LINES, FEDERAL RESERYE. Change in, does not make director ineligible to serve out term, 1—103. Changes in. (See Redistricting.) Director living in transferred district not eligible for appointment in district from which transferred, 2— 607. DISTRICT OF COLUMBIA. Acceptance laws, 3—529. Drafts drawn against shipment to foreign countries from, are not subject to stamp tax, 5—467. Interlocking directors of State banks and trust com¬ panies in, are subject to Clayton Act. Attorney General of United States, 3—734, 744. List of State member banks in, 4—92. National banks. Exercise of fiduciary powers, 2 —523. Reserve laws, 3—770. State banks in, are subject to Clayton Act, 2—526; 3— 734, 744. DISTRICTS. (See Federal Reserve districts; Redistricting; Reduc¬ tion of Federal Reserve districts.) DISTRICTS, OUTLYING. Reserves fixed for, of New York, 4 —1086, 1124. Fact that banks are in, does not necessarily entitle them to lower reserve requirements under sec¬ tion 19 as amended, 4 —1124. DIVIDEND CHECKS, FOREIGN. Ruling, Foreign Exchange Division, 4 : —973, 1121. DIVIDEND DECLARATIONS. Ruling, Foreign Exchange Division, 4—866. DIVIDENDS. Bank of Spain, 1913-1918, 5—1036, 1040. Special. Gold profits, 5—1040. Dresdner Bank, 1913-1918, 5—736. Federal Reserve Banks. (See infra, same.) German Reichsbank, 1914-1918, 5—432, 434. State member banks, January, 1918-June, 1919, 5—188, 610, 1104; 6—660, 1251. Stock dividends. Taxable, 4 —614. Tax on dividends declared for purpose of increasing capital. Taxable, 5—256. DIVIDENDS, FEDERAL RESERYE BANKS. Accrued— Liability for, due New Jersey banks transferred to New York district, 2—4378. Liability for, due Oklahoma banks, transferred from Texas to Kansas City, 2—678. National bank liquidating and reorganizing, loses all rights to, from Federal Reserve Bank, as right does not survive, 3—117. Federal Reserve Bank may pay dividends, on stock owned by liquidating national bank up to date of application for surrender of stock and cancellation, if not unreasonably delayed, 4—201. Arrears of— To January 1, 1918, 4—5. No, on July 1, 1918, 4—593. INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. 79 DIVIDENDS, FEDERAL RESERVE BANKS—Contd. Books, closing of. ( See Closing of books.) Closing of books for purposes of, 2—511; 4 —521. Declared by Federal Reserve Banks— To December 31, 1915, 2—59. To July 1, 1916, 2—371. List, to December, 1916, 3—4. List, to June, 1917, 3—507. All have paid some dividends except Boston, 3—507. List, all Federal Reserve Banks, 4 —5, 6. Six Federal Reserve Banks have paid full divi¬ dends to January 1, 1918, 4—76. Four Federal Reserve Banks have paid full dividends to June 30, 1917, 4 —76. Two Federal Reserve Banks have paid full dividends to January 1, 1917, 4 —76. All Federal Reserve Banks have paid dividends in full to June 30, 1918, 4 —593. During 1918, 5—131, 133, 723, 777. Fiscal year 1920, 6—135, 726, 830. ( See Federal Reserve Bank, Boston, etc.; Fran¬ chise tax.) Federal Reserve Bank of Boston. Only Federal Reserve Bank not declaring dividends in June, 1917, 3—507. Federal Reserve Bank of New York. Adjustment of accrued dividends due New Jersey banks trans¬ ferred to New York district, 2—678. Federal Reserve Bank, Philadelphia. ( See 6upra, Federal Reserve Bank, New York.) Federal Reserve Bank, Richmond— Dividends to December 31, 1915, 2—5, 205. Dividends to April, 1916, 2—373. Federal Reserve Bank, Atlanta. Dividends to December 31, 1915, 2—373. Federal Reserve Bank, Chicago. Dividends to March 31, 1915, 2—373. Federal Reserve Bank, Kansas City. Dividends to June 30, 1915, 2—373. Federal Reserve Bank, Dallas— Dividends to June 30, 1915, 2—373. Dividends to December 31, 1915, 2—508. Liability for dividends accrued to Oklahoma banks transferred to Kansas City, 2—678. Federal Reserve Bank, San Francisco. Dividends to January 1, 1915, 2—508. Fiscal year. Should not pay semiannual dividends nor carry profits to surplus before end of, 1—220. Franchise tax. In distributing dividends declared June 30, 1918, no return to be made for, 4 —521. Insolvent member banks, payment of dividends to, 1—267. Liquidating national bank. (Nee supra, Accrued.) National bank, liquidating. (See supra, Accrued.) Oklahoma member banks. (See supra, Federal Re¬ serve Bank, Dallas.) Redistricting. (See supra, Federal Reserve Bank, New York; Federal Reserve Bank, Dallas.) Reorganized bank. (Nee supra, Accrued.) Reports of dividends. (Nee infra, State, etc., banks.) Semiannual. Should not be made, 1—220. DIVIDENDS, FEDERAL RESERVE BANKS—Contd. State member banks and trust companies, 5—188, 610,1104; 6—660, 1251. Must make report of dividends, etc., to Comp¬ troller of Currency, 2—114. [Act of June 21, 1917, prescribes that reports shall be made to Federal Reserve Bank.] (See supra, Accrued.) (See State banks and trust companies.) Stock. Surrender of. (See supra, Accrued.) Surplus account. Should not carry profits to, before end of fiscal year, 1—220. Surrender of stock. (See supra, Accrued.) Tax, franchise. (See supra, Franchise tax.) DIVISION OF ANALYSIS AND RESEARCH. Plan for readjusting salaries to increased cost of living, 6—1293. DIVISION OF EXAMINATION. Federal Reserve Board. Paddock, W. W., resigns; Herson, J. F., appointed chief, 6—1134. DIVISION OF FOREIGN EXCHANGE, FEDERAL RESERVE BOARD. Rulings and regulations, 4—864, 973, 1121, 1217; 5— 469, 652, 653, 853. (See Coin, bullion, and currency.) DIVISION OF OPERATION AND EXAMINATION. Paddock, W. W., appointed chief of, 5—919. DOCUMENTARY DRAFT. (See Acceptances; Refinance drafts.) DOCUMENTS, SHIPPING. (See Acceptances, bills of lading; Acceptances, domes¬ tic; Acceptances, security; Acceptances, 10 per cent limitation; warehouse receipts.) DOLLAR, AMERICAN. Agreements to stabilize, 4—594. American dollar. Exchange situation, 4—1198. Appreciation of, abroad, cuts down our exports, 5—■ 1011 . Reasons for depreciation of, in Spain, 5—1038, 1039. (See Gold.) DOLLAR BALANCES. Due to a foreign bank can not be offset by foreign cur¬ rency balances due from same bank, 5—963. DOLLAR EXCHANGE. (See Acceptances; Dollar exchange.) DOLLAR LOANS. To foreign countries whose currency is depreciated in United States, 4—940. United States to Great Britain, 4—940. (See Principal countries, by name.) DOLLARS, SILVER. Coinage of, 1878-1891, 4—397. Value of pure silver in, 3—843, 844. (See Silver.) DOMESTIC ACCEPTANCES. (See Acceptances, domestic; Opinions of counsel.) DOMESTIC AND FOREIGN CREDIT, 6—897. (See Credits.) DOMESTIC BANKS. Word “banks ” in section 19 refers to domestic and not foreign banks, 5—963. DOMESTIC BILLS. (See Acceptances, domestic.) 80 INDEX-DIGEST OF FEDERAL, RESERVE BULLETIN. DOMESTIC CORRESPONDENTS. Foreign exchange transactions by banks through Ruling, Foreign Exchange Division, 4—973. DOMESTIC INVESTMENT FIELD, 5—527. DOMESTIC NEEDS. Goods shipped in export trade are a deduction from. 5— 614. DOMESTIC PRICES. Increased by foreign credits, 5—1014. (See Prices.) DOMESTIC PRODUCTS. Percentage of, exported 1910-1919, 5—953, 955. (See Exports.) Domestic shipment. (See Acceptances; Regulation A, 1920.) DOMESTIC SUPPLY OF CAPITAL. Our foreign loans diminish, 5—1014. DOMESTIC TRADE. Advance of long-term credits to foreign trade takes capital and goods from, 5—524. Not enough capital today in United States to supply needs of foreign and, 5—524. DOMESTIC TRADE ACCEPTANCES. Purchases in open market. (See Discount and open-market operations; Trade ac¬ ceptances.) DOMICILE BILLS, 6—385, 386. (See Acceptances; Domicile bill.) DOMINICAN REPUBLIC. Branch of International Banking Corporation, in, 4— 947. DOUBLE LIABILITY. State banks as members of Federal Reserve System are subject to, but not their stockholders, 1—273. DOUGHTON, J. K. Appointed national bank examiner, 2—100. Appointed chief national bank examiner, Richmond, 3—748. DRAFT LAW. Federal Reserve Board will not favor exemption from, 6— 591. Reclassification of bank clerks, 4 —597. Meal tickets for drafted men. Federal Reserve Board advises member banks to receive, for collec¬ tion only, 4—938. Status of bank clerks under, 4 —957. DRAFTS. Acceptances are “drafts” under section 13, 6—162, 699. Arrival. Payable on arrival not eligible, 1—219; 4 — 31, 436, 437. Bills of lading, secured by. ( See Acceptances.) Are not “drafts” under section 13 if drawn on other than banks, 2—264; 6—948. Can not be received by Federal Reserve Banks on deposit for collection and immediate availa¬ bility when drawn on demand, sight, or arrival of car, 4 —436, 437. Federal Reserve Banks may receive and discount, if drawn payable on or before 90 days after date, interest to be charged for actual time outstanding, 4—436, 437. Right to inspect before accepting may be re¬ served, 5—468, 472. DRAFTS—Continued. Canadian. Draft drawn in Canada payable in dollars in United States, secured by Canadian warehouse re¬ ceipt, is eligible for discount after acceptance, but not eligible for purchase in open market, 5—740. Clean draft by exporter in Chile can not be accepted unless in connection -with an actual shipment or contract of sale, 3—378. Collection charges. Draft payable with, not nego¬ tiable, 3—880; 4—745. Collection of, by Federal Reserve Banks, 1—346; 5— 467. Cotton drafts. Charges for collection of, not affected by abolition of exchange charges, 2—264. Cotton factor’s drafts, ineligible, 5—1054; 6—162,1176. Cuban sugar crop. Drafts drawn under credits opened to finance, are eligible when accepted, 5—53. Days of grace. ( See Sight drafts.) Demand drafts— Due on presentment for acceptance within rea¬ sonable time, 3—31. No stamp required, 4—31. Documentary drafts. Valid security for draft on for¬ eign buyer, 6—610, 1065. Dollar exchange drafts. ( See Acceptances, dollar exchange.) Domestic. ( See Acceptances, domestic; Drafts; Se¬ curity.) Eligible. Federal Reserve Banks may discount any draft which a member bank may accept under section 13, 5—253. Exchange- Draft payable in exchange not negotiable, 2 —457, 459. Federal Reserve Banks should not receive them, 3—763. Draft payable with, probably negotiable, 3—S80. Exchange charges— Abolition of, does not affect collection charges on cotton drafts, 2—264. No deduction of, for collection of acceptances, 6— 699. (See Exchange charges.) Export draft. National bank can not accept a draft on itself secured by an export draft, as exportation not necessarily involved, 3—28. Federal Reserve exchange drafts— Forms for use beginning May 21, 1917, 3—347. Postponed until June 1, 1917, 3—440. Progress, 3—591. Drawn on own Federal Reserve Bank—• Immediately available at par at any Federal Reserve Bank, actually payable only at Federal Reserve Bank on which drawn, 8—347. Limited to amountsmot over $250, 3—348. Limit increased to $5,000, 4—S06. Federal Reserve transfer drafts. Drawn on own Fed¬ eral Reserve Bank, payable on advice of drawee at any Federal Reserve Bank specified in draft, to be drawn for amounts over $250, 3—348. Finance drafts— (See same.) (See Finance paper.) Foreign purchasers. Drafts drawn to finance domestic concerns in giving credit on open account to, held not eligible, 5—253. INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. 81 RAFTS—Continued. Import drafts. ( See Acceptances; Export and import.) Inspection before acceptance. Reservation in bill of lading of right of, does not affect negotiability, 5—468, 742. Payable, accepted— At place other than residence of acceptor is valid unless expressly stated payable nowhere else, 3 —289; 5—142. At sight, is payable when presented without days of grace, 4—109. Ninety days after date or before on five days after demand is negotiable and eligible, 3 —291. On arrival of car, not negotiable, 1—219; 4—31, 436, 437. On arrival of car or on demand after arrival, is a time draft requiring a revenue stamp, 4—31, 316. On or before a certain date. Held eligible, 2—394. On or before a certain date on five days’ notice, held eligible, 3—291. On or before 90 days’ after sight. Not eligible, 3— 949. To order of drawee. Negotiable only when accepted and indorsed by drawee, 4—110. With interest for failure to pay at maturity. Negotiable, 3 —200; 4—109. Payable out of United States. Not eligible for pur¬ chase under Regulations A and B, 1917, but could be purchased under Special Instructions No. 2, 1916, 4—520. Regulation A, 1920, 6—1179. Regulation C, 1920, 6—1182. Sight drafts— Accepted payable at a future date are qualified acceptances, 5—565. Pavable when presented without days of grace, ' 4—109. Presentment for acceptances releases drawer and indorsers, 4—109. Require no revenue stamp, 4—316. ( See Bill of lading drafts.) Speculative purposes. Drafts secured by warehouse receipts eligible only when goods not carried for, 3 —456; 5—256, 415, 858; 6—66, 277, 1301. Stamp tax— Allied Purchasing Committee drafts, 4—614, 972. Conditions under which drafts are subject to, 4— 316. Delivery as an element of applicability to, 4—316. Drafts not subject to, required on notes, 2—211. Drafts payable on arrival or on demand after arrival are time drafts subject to, 4—31. Export drafts. No, required on bank drafts on shipment from interior representing export price, although paid before export, 4—1218. Foreign countries. No, required on drafts to foreign countries from territorial United States, 5—467. ( See Stamp tax.) Time drafts. ( See supra, Stamp tax.) Unsecured drafts. (See Acceptances, security; Ten per cent limitation.) Warehouse receipts. ( See Acceptances, actually ex¬ isting values; Acceptances, drafts; Acceptances, security; Acceptances, 10 per cent limitation; Acceptances, warehouse receipts.) DRAFTS —Continued. (See also Acceptances; Bills of lading; Bills of ex¬ change; Warehouse receipts.) DRAINING, 4—743. (See Agricultural and live-stocl paper.) DRAWEE. Bill payable to order of, not negotiable until accepted and indorsed, 4—110. (See Acceptances, actually existing value.) DRAWER. Presentment of sight draft for acceptance releases, 4— 109. (See Acceptances, actually existing value.) DRAWN IN GOOD FAITH AGAINST ACTUALLY EXISTING VALUES. (See Acceptances, actually existing values.) DRESDNER BANK. Condition— 1913- 1918, 5—736. 1914- 1919, 6—1050. DRUGS. Terms of sale, 6—1155. DRUM, J. S. Address; war-savings certificates, 4—164. Appointed on Capital Issues Committee, 4—364. DRY GOODS. Men’s wear, 6—802, 803. Net sales and production, 6—1031. Terms of sale, 6—797. Women’s wear, 6—805. DUE FROM FEDERAL RESERVE BANKS. To national banks, 1915-1917, 3—484. DUE FROM FOREIGN BANKS. Dollar balances due to a foreign bank can not be offset by foreign currency balances due from same bank, 5— 963. DUE FROM OTHER BANKS. Reserve computations— Member banks may deduct amounts due from other banks from amounts due to other banks, 3—692. May include in “due from” checks on banks in same place and clearing-house exchanges, 3—692. Balances “due from” foreign banks are not “due from” other banks within meaning of section 19. Word “banks” refers only to domestic banks, 5—963, 1054. DUMMY OR FICTITIOUS DRAWEE. Bills drawn against a, are not drawn in good faith against actually existing values, 2—608, 684. (See Acceptances, actually existing values.) DUPLICATES OF CUSTOMERS’ STATEMENTS, 4—105. DUPLICATION. Certificates of increase or decrease of stock, 1—211. DURATION OF TRANSIT, 3—690. (See Acceptances, domestic.) DUTCH EAST INDIES. Branch of International Banking Corporation, New York, in, 4—946. 37599°—21-6 82 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. DUTIES. Chairman of board, Federal Reserve Banks, 4—373. Federal Reserve Agents, 4—373. Governors, Federal Reserve Banks, 4—374. Officers, Federal Reserve Banks, 4—374. DUTY, FINANCIAL, 3—518. (See London Economist.) E. EARMARKED GOLD, FEDERAL RESERVE BANKS AND MEMBER BANKS. Bank of England, 50 millions, 3—504. Federal Reserve Board. No more to be earmarked without approval of, 3—734. Forms of earmarking, 4—85. Investigation by President under trading with enemy act, 3—853. Regulations. Trading with enemy act, 3—853. Report. All banks asked for, 3—733 ; 4—81. South American account, 3—77. EARMARKED SILVER. Investigation by President. Trading with enemy act, 3— 853. EARNING ASSETS. Federal Reserve Banks, 1—176, 331, 349; 2—149, 203, 307, 370, 434, 505, 585, 656, 726; 3—73, 151, 230, 326, 420, 495, 574, 649, 727, 758, 759, 824, 915, 987; 4— 65, 151, 241, 356, 480, 569, 682, 768, 770, 793, 1040, 1145, 1243; 5—64, 85, 166, 280, 390, 494, 591, 680, 771, 792, 883, 988, 1083, 1182; 6—90, 190, 305, 412, 529, 640, 723, 725, 739, 869, 983, 1100, 1230, 1348. Classification, November, 1914-April, 1917, 5 —771. Classification, fiscal year 1920, 6—723, 725. EARNINGS—Continued. Member banks, 5—188, 610, 1104; 6—660, 1251. Organization expenses. Excess of current expenses over current earnings from November, 1914, to December 31, 1915, charged to, 2—12. Rates. (See Discount and open-market operations.) Ratio. (See Discount and open-market operations.) Report of— Forms and instructions, 2—68. State banks. To Comptroller, 2—114. [Act of June 21, 1917, prescribes that reports shall be made to the Federal Reserve Bank.] State member banks, 5—188, 610, 1104; 6—660, 1251. (See Receipts and expenditures^ Resources and liabilities; State banks, etc.) (See Federal Reserve Banks.) EATON, J. N. Commercial paper, 2—449. ECONOMIC AND BANKING CONDITIONS. Italy, 1914-1919, 5—840. Japan, 1914-1919, 5—731. ECONOMIC AND FINANCIAL CONDITIONS. Brazil, 6—813. Chile, 6—1052. Cuba, 6—1162. ECONOMIC SITUATION, EUROPE, 5—815. ECONOMIC CONDITIONS. Europe. Report, Supreme Council, Peace Con¬ ference, 6—363, 451. ECONOMIC RECOVERY. Europe, 6—218, 451. United States, 6—446. EARNINGS. Annual rates. (See Discount and open-market oper¬ ations.) Average rates. (See Discount and open-market oper¬ ations.) Charges against, 2—12; 5—26. Deficiency in, 2—58. Depreciation charged to current, 2—12. Earnings and expenditures, Federal Reserve Banks, 1—176, 331, 349, 394 (errata); 2—56, 217, 373, 384, 593; 3—89, 589, 605; 4—5, 76, (errata), 99,104, 700; 5—130, 135,720, 722,724, 769, 777; 6—132, 726, 828. Year 1915, 1—56. Year 1916, 3—89. Year 1917, 4—99, 104. Year 1918, 5—130. Year 1919, 6—132, 136. Year 1920. Fiscal, 6—726, 828. Federal Reserve Branch Banks. (See same.) Federal Reserve notes. Cost of, charged to, 2—12. Fiscal agents. (See same.) Forms for reporting, 2—68. German banks, 1913-1918, 5—736. German Reichsbank, 1914—1918, 5—432. Instructions. Reporting of, 2—68. Investments. (See Discount and open-market opera¬ tions.) Maturity. (See Discount and open-market opera¬ tions.) ECONOMIST, LONDON. Expansion of credits, 1913-1918, 5—323. Our financial duty, 3—518. Progress of inflation, 3—375. EDDY, W. L. Appointed assistant secretary Federal Reserve Board, 6—1134. EDGE ACT. Federal charter for foreign banking corporations, 5— 705, 728, 820, 965, 1056, 1109; 6—5, 908. First Federal Banking Corporation, organization of, 6— 449. Foreign trade under, 6—5. Investments abroad under, 6—1168. Regulation K, 1920, 6—379, 1190. EFFECTIVE CONTROL THROUGH DISCOUNT RATES, 5—2, 196, 524, 911,1015; 6—117, 213, 223,345, 556, 777. EFFICIENCY, BUREAU OF. Recommends abolition of United States subtreasuries, 4—172. EGGS. Warehouse requirements, 4—405. EGYPT. Handling of bills of exchange in, 5—455. EL PASO, TEX. Branch of Federal Reserve Bank of Dallas, 4—256,596. Directors of, 4—950; 6—126; 6—61. Employees, 5—779. INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. 83 ELECTION OF DIRECTORS. Amendment as to, 4—950. (See Directors.) ELECTION OF FEDERAL ADVISORY COUNCIL. ( See Federal Advisory Council.) ELECTRIC LIGHT ASSOCIATIONS. (See Capital Issues Committee.) ELECTRICAL GOODS, 4r-310. Terms of sale, 6—262. (See Acceptances, trade.) ELECTRICAL PRODUCTS. Terms of sale, 6—262. ELIGIBILITY, CERTIFICATES OF. Must be based on knowledge of bank officer, 2—12. ELEGIBILITY, TEST OF. Paper of public service corporations, 3—527, 949. ELIGIBLE. (See also Negotiable.) Collateral notes of Federal Land Banks and joint- stock land banks are pure finance paper and are not, 6—609. Cotton factors paper not, 5 —1054; 6—162, 1176. Directors, to serve out balance of term after redis¬ tricting, 1—103. (See Clayton Act.) Equitable interest. A certificate of, in a note is not, 3—949. Federal Reserve Banks have discretion as to the dis¬ counting of, paper, 6—699, 1301 at 1303. Note of bank discounted by another bank, proceeds to be used to replace funds withdrawn by cus¬ tomers to buy Liberty bonds is not, 3—954. Note of member bank—- Not eligible, 1—72. (Law changed. See Member bank collateral notes.) Discounted by another member bank, secured by war obligations is, 4r— 863. Notes representing permanent investments, are not, 6—699. Note of nonmember bank— Indorsed by a member bank, secured by Govern- obligations, is, 4—743. Offered and indorsed by a member bank contain¬ ing indorsement without recourse, of a non¬ member bank, is, 4—745. Offered by a member bank is eligible if not in¬ tended as a loan to nonmember bank, 1—213. (See Nonmember bank.) Producer. Note of owner or, for materials or services is technically eligible, but undesirable where ultimate payment depends upon success of transaction, 6—699. Public service corporations. Test of eligibility of paper of, 3—527, 949. Use of proceeds— Determines whether or not a note is, 1—268. Use of proceeds in the first instance determines whether or not a note is eligible, 6—1176. (See also Acceptances; Acceptor; Agricultural paper; Arrival of car; Bills of exchange; Collateral trust notes; Cotton factors paper; Discount; Equity ex¬ changes; Farm land loan; Farm loan bonds; Finance paper; Live-stock paper; Meal tickets; Mortgage loans; Mutual savings banks; Negotiable; Nonmember banks; Ore in ground; Permanent in¬ vestment; Producer; Public service corporation; Renewal notes; Savings banks; Security; State ELIGIBLE —Continued. banks; Uncut timber; United States bonds; United States Treasury certificates; War Depart¬ ment vouchers; War paper; Warehouse receipts.) ELIGIBLE COMMERCIAL BANKS. Seventy-five per cent of resources of all, in United States are represented in Federal Reserve System, 5—4. ELIGIBLE FOR MEMBERSHIP. Building and loan associations are not, 1—212. Chain of banks constituted by one corporation with branches will be, if capital of parent bank is suffi¬ cient to entitle it to become a national bank in place where head office is located, 4—971. If each bank is a separate corporation, each must file a separate petition and each must have requisite capital to become a national bank, 4—971. Mutual savings banks are not, 3—950. Private bankers axe not, 3—693. State banks. (See same.) ELLIOTT, M. C. Resigns as general counsel, Federal Reserve Board, 5—201. Appointed special counsel, 5—201. EMBARGO, GOLD. Argentina, 6—778. Sweden, 4—1091. United States. Act June 15, 1917— Executive order, 4r—499. Licenses to export gold to Spain during, 4 —365. Purpose of, 5—616. Regulations, 4—594. Removed June 9, 1919, except as to rubles, etc.; 5—611, 615, 853. Gold exports since removal of, 6—1018. (See Gold.) EMBEZZLEMENT. (See Comptroller of Currency.) EMBROIDERIES. Terms of sale, 6—473. EMERGENCY CURRENCY, ALDRICH-VREELAND ACT. Amount issued, 1—81. Discount rates lowered to help retire, 1—47. History of, 1—124. Outstanding, 1—29, 47, 50, 79, 80, 124. Retirement of all, July 1, 1915, 1—124. Silver certificates may be deposited to retire, 1—13. EMERGENCY FLEET CORPORATION. Deposits of, in national banks are not Government deposits and require reserves, 5—1054. (See United States Shipping Board.) EMERSON, R. G. Appointed assistant secretary Federal Reserve Board, 5—918. Appointed assistant to governor, 6—1134. EMPLOYEES. Federal Reserve Bank of New York, questionnaire to, on cost of living, 6—1294. Federal Reserve Banks— Annual employment, 2 —2, 13, 51, 64. Bonding of. (See Comptroller of Currency.) Federal Reserve Banks and branches, 1915-1919, 5—778. 84 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. EMPLOYEES —Continued. Federal Reserve Banks—Continued. Group insurance for, 2—590; 3—28. Questionnaire to, 6—55. Salary readjustment; 6—1293. Federal Reserve Board, 1914-1919, 5—778. EMPLOYMENT CONDITIONS, 6—791. ENDORSEMENT. (See Indorsement.) ENEMIES, ALIEN OR ALLY OF. Acceptances. Payment of acceptances drawn against funds to credit of, 4—11. Checks and drafts, 4—171. Coupons and securities, 4—87, 172, 365. Federal Reserve Board. Instructions to banks deal¬ ing with, 3—431, 655. Paper of. Protest, 4—87. Patents owned by. Fees, 4—87. Regulations. Trading with, 4—171. Secretary of Treasury. Licenses, 3 838. Trading list, 4—172. Trading with. (See War Trade Board.) Transactions of, reports, 4—171. Transfers of funds to. Special license, War Trade Board, 5—653. Travelers’ checks, indorsed by, 4—11. engines and boilers. Terms of sale, 6—156. ENGLAND. , . T . . (See Bank of England; Great Britain; London.) ENGLISH EXPORT CREDIT PLAN. Government aid, 5—1012. engraved signatures. National Bank notes, 5—21. (See Comptroller of Currency.) ENTRIES, FALSE. (See Comptroller of Currency.) ENTRY, TRANSIT. (See Acceptances.) equalization of reserves. By Federal Reserve Bank rediscounts, 4 —361. (See Rediscounts; Reserves.) equipment. Cost of, 2—58, 59; 4—103; 5—134. Charged to current expense account, 5—26. EQUITABLE INTEREST. A certificate of, in a note is not eligible, 6- -949. EQUITABLE TRUST CO., NEW YORK. Reasons for joining Federal Reserve System, 3—836. EQUITY COOPERATIVE ASSOCIATIONS. Notes of, the proceeds of which are to be used for agricultural purposes are eligible as agricultural paper, 3—456. If proceeds used to purchase and carry grain for speculative purposes, would not be eligible, 3—456. equity exchanges. Can not deal directly with Federal Reserve Banks, 3—379. Paper of, is eligible, 3—379. ERRATA, 1—394 (statistical); 3—925 (chart); 4—76 (earnings, Federal Reserve Banks); 5 —563 (index numbers); 5 —650 (liabilities); 5 —852 (money, per capita); 5 —1050 (silver, prices); 6—928 (July, 1920, Bulletin, p. 667); 6—947 (August, 1920, Bulletin, p. 871). ERROR, WRIT OF. (See Fiduciary powers.) ESCHEAT. Pennsylvania law of, does not apply to deposits in national banks, 2—115, 121. (Attorney General of United States contra, 1920.) ESSENTIAL LOANS, 6—342, 446, 554, 665, 774, 897, 904,927,1012. Federal Reserve Board has never defined, 6—904. ESSENTIAL PRODUCTION. Gov. Harding on, 6—927. ESTIMATES AND APPROPRIATIONS, 1920, 5— 1105. EUROPE. Aid to, 5—22; 6—7, 32, 114, 137, 140, 214, 343, 562, 901, 957. (See Allied powers; Foreign trade financing.) Economic outlook, 6—218. Economic situation, 5—815. Financial conditions, 5 —1015. Food relief, 6—114. Reconstruction needs overestimated, 5—819. EUROPEAN. Acceptance credits. Gov. Harding on, 2—587. British exchequer notes. (See same.) Central banks— Condition, 1913-1920, 2—659; 3—234, 329, 500, 681, 942; 4—243, 267, 269, 375, 996, 1057, 1167; 5—140, 197, 294, 463, 648, 849, 1008, 1200; 6—485, 487, 488, 909, 1044. 1047, 1049, 1295. Gold reserves, 1910-1920, 6—144, 909, 1295. Countries— Balance sheet of war, 4—1057. Exchange rates, 4—1199. Funding of international obligations, 6—7. Gold reserves and notes, 3—331; 6—144, 909,1295. Internal war loans, 4—1070. Public debts of, 3—10,18, 331. 349; 4 —268,275, 375, 1057, 1072; 6—1070, 1165, 1199, 1312. War debts. (See supra, Public debts.) War finance, 1914—1918, 4—267, 269, 375, 1057. War taxation, 4—1067. Credits held in United States, 1914-1916, 2—592; 3— 10, 424, 731; 4—21, 279, 1057, 1059, 1166; 5—33, 820, 845, 957; 6—7, 114, 137, 140, 214, 343, 562, 688, 901. Demand for credits should be classified, 5—1013. Financial situation. (See International financial sit¬ uation.) Obligations held in United States, 1914—1916. (See supra, Credits held, etc.) Payments to United States, 1914—1916, 2—592. Transfers of American securities, 2—592. EVASION OF UNITED STATES REVISED STAT¬ UTES, SECTION 5200. Acceptances given in, 5 —254, 256, 415, 858; 6—66, 277, 1301. (See Acceptances.) INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. 85 EVIDENCES OF DEBT, EXPORTATION OF. ( See President; Proclamation.) EXAMINATION. Division of. ( See same.) National banks— By clearing house examiner, 1—307. Cost, new and old system, 2—122, 213. Payment for, 3—374. State banks— Admission, 3—592. Federal Reserve Board suggests that State bank¬ ing departments use forms of Federal Reserve Board examination division, 4—310. Instructions as to examination of State banks for admission, 4—1079. (State banks are subject to examination only by Federal Reserve Board and Federal Reserve Banks. Act June 21, 1917, amending sec¬ tion 9, Federal Reserve Act.) EXAMINERS. Chief Federal Reserve. ( See same.) Directors of Federal Reserve Banks instructed by Federal Reserve Board to read and initial all reports of examiners of their Federal Reserve Bank, 2—206. National bank examiners, chief. Conference, 1—217. National bank examiners henceforth not to be ap¬ pointed deputy Federal Reserve Agents, 2—2. EXCESS LOANS. Deposits of member with nonmember banks in excess of limitation of section 19 must be reported as, 1—126. EXCESS PROFITS TAX. Computation of interest and discount, 5—249. Deposit of public moneys in connection with, 4—194. Gold production. Should not be applicable to, 5—125. Great Britain, 5—123. Income from Liberty bonds I exempt from, 3—459. Installment payments, 5—407. Secretary of Treasury on, 4—600, 847; 6—341, 1253. Stock dividends not subject to, in hands of individual stockholders, 4—614. United States Treasury certificates receivable for, 4r—518. EXCESS RESERVES, FREE GOLD. 1917-1919, 4—226, 227; 5—774. 1918, 5—137, 138, 774. Chart, 5—138. 1919, 6—145. 1920, Fiscal'year, 6—724, 725. EXCESS SERVICE CHARGES, 4—103. EXCESSIVE REDISCOUNTS BY MEMBER BANKS, 4—1169; 5—311, 524, 617, 1010,1015,1107. (See Profit.) EXCHANGE. Currency and. Resolution, International Financial Conference, Brussels, 6—1284. Drafts payable in, not negotiable, 2—457, 459; 3— 459, 763. Federal Reserve Banks should not receive them, 3—459, 763. Trade acceptance payable with, probably negotiable. Made so by negotiable instruments act, 3—880. EXCHANGE AND COLLECTION AGENT. Clearing member banks may use in their title the words, 4—1119, 1216. EXCHANGE CHARGES, SECTION 13. Acceptances. Member bank can not deduct, on one of its own acceptances presented to it for collec¬ tion by the Federal Reserve Bank, as bank ac¬ ceptances are “drafts” under section 13, 6—162, 699. American Bankers’ Association. Report of committee of five in favor of. Suggested amendment speci- ficallv fixing amount to be deducted, 4—962, 963, 964. Attorney General of United States— Opinion. Deduction of exchange charges, pro¬ hibited by section 13, does not apply to State banks not members or clearing mem¬ bers, 4 —367. Supplementary opinion. The prohibition of exchange charges applies to all checks pre¬ sented for collection by Federal Reserve Banks and not simply to checks owned by said banks, 4—370. Collection plan announced. Exchange charges not permitted on checks, 2—262. Country banker. Says he believes in and suffers from loss of, but that majority of bankers are opposed and the minority should yield, 3—740. Deductions which may be made— On checks and drafts drawn on themselves when sent for collection direct by the holding bank and not through the Federal Reserve Bank. The reasonableness of these charges are to be determined by the Federal Reserve Bank, in no event to exceed one-tenth of 1 per cent, 3—657. On checks and drafts drawn on themselves and received from another bank—not the Federal Reserve Bank—with instructions to remit in payment to the Federal Reserve Bank. In such case, the charge is made against the forwarding bank and not against the Federal Reserve Bank, which is merely a depository of the proceeds minus the exchange charges, 3—660; 6—494. On collection of notes, bills, and drafts drawn on individuals, firms, or corporations, other than banks, 2—264; 3—656, 660, 661, 662, 663; 5—964; 6—948. Even though payable at its own bank, 6—699. Federal Reserve Bank of New York. Banks may deduct exchange charges on collection items against other than banks, 3 —743 at 744. Harding, Gov. Explains clearing system and right of Federal Reserve Banks to collect over the counter from nonmember banks refusing to remit at par, 5—1113; 6—489. Hardwick amendment— As originally introduced, 3—428. As finally enacted in act of June 21, 1917, 3 —428. National Association of Credit Men favors new clear¬ ing system including prohibition of exchange charges, 2—600. Opinions of courts. Federal Reserve Banks may law¬ fully collect over counter from nonmember banks refusing to remit at par— United States District Court, Georgia, 6—496. United States Circuit Court of Appeals, 6— 1303. [Above case pending before United States Supreme Court.] 86 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. EXCHANGE CHARGES—Continued. Savings accounts. Member banks can not deduct ex¬ change charges on checks drawn against their, sent for collection by Federal Reserve Banks, 5—964. EXCHANGE, DOLLAR. (See Acceptances, dollar exchange.) EXCHANGE DRAFTS. (See Federal Reserve exchange drafts.) EXCHANGE, FOREIGN. (See Foreign exchange; France; Germany; Great Britain; Italian Institute of Exchange; Italy; Lira exchange; Sterling exchange.) EXCHANGE OF UNITED STATES BONDS. Of 2 per cent bonds for 3 per cent bonds and one-year Treasury notes, 1—101, 102. (See United States bonds.) EXCHANGE ON FEDERAL RESERVE CITIES, 2— 315. (See Clearing system; Federal Reserve exchange drafts.) EXCHANGE OPERATIONS. (See Balance of trade; Earmarked gold; Credits.) EXCHANGE, PAYABLE IN. (See supra, Exchange.) EXCHANGE, PEGGING OF, 5—311,411,413,414,525, 1038,1039,1110; 6—216,1260. (See Foreign exchange.) EXCHANGE RATES, FOREIGN. (See Foreign exchange.) EXCHANGE SITUATION, 3—77; 5—195; 6—115, 900. (See Foreign exchange.) EXCHANGE TRANSACTIONS. Ruling, Foreign Exchange Division, 4—1121. EXCHANGES, EQUITY. (See Equity exchanges.) EXCHANGES FOR CLEARING HOUSE, 3—692. (See Reserves.) EXCHEQUER NOTES, BRITISH. Warning of Federal Reserve Board against overinvest¬ ment in, 2—661; 3—2, 82, 236, 239, 652, 653. (See British exchequer notes.) EXCESS TAX. (See Act, April 24, 1917; Bond act.) EXECUTIVE COMMITTEE. Class C directors eligible to serve on, 1—211, 212; 2—65. Composition of, 1—211. Persons ineligible to serve as directors can not serve on. Clayton Act, 2—679. EXECUTIVE ORDERS. Act June 15, 1917—• Exports council, etc., 3—582, 583. Proclamation, 4—23. Coin, bullion, etc. Exportation, 3—736. Control abrogated, 5—615, 652, 853. Control vested in Federal Reserve Board, 4—499. Coupons, 5—172. Foreign exchange transactions, 4—81, 185; 5—653. Gold. Exports of— Control continued, 2—833. Embargo, 4—499. Removal of restrictions, 5—615, 652, 853. EXECUTIVE ORDERS—Continued. Imports, 4—172. Trading with the enemy act. Regulations, 3—860. (See Federal Reserve Board; President; Licenses; Secretary of Treasury.) EXECUTIVE SECRETARY, FEDERAL RESERVE BOARD. Hoxton, W. W., appointed, 5—918. EXECUTOR. (See Fiduciary powers; New York; Trustee powers.) EXEMPTION. Homestead. Negotiability of a note not affected by waiver of, 2—226. Military service. Federal Reserve Board will not favor, 3—591. Taxation. (See United States bonds; United States Treasury certificates.) EXISTING VALUES, ACTUALLY. (See Acceptances; Actually existing values; Renewals; United States Revised Statutes, sec. 5200; Trade Acceptances.) EXPANSION. Banking. (See same.) Credit, 4—70, 249, 928, 1046; 5—8, 102, 306, 409, 524, 614, 699, 813, 913; 6—113, 116, 217, 221, 448, 553, 555, 665, 774, 897, 1013, 1124. Currency. Federal Reserve notes and. Gov. Harding, 5—699, 813. Federal Reserve Agents. Report, 5—1017. Less than supposed, 5—102. Tide has changed, 6—774. (See also Inflation.) EXPEDITIONARY FORCES. Remittances to. Ruling, Foreign Exchange Division, 4—866. EXPENDITURES. British Committee on War, 4—179. Federal Reserve Board. (See same.) EXPENDITURES, REVENUE AND. Belgium, 6—1322. France, 6—1072. Great Britain. (See same.) Italy, 6—1320. United States. (See infra, Expenses of United States Government.) EXPENSE. (See Current expense account.) EXPENSES. Federal Advisory Council. (See same.) Federal Reserve Agents. (See same.) Federal Reserve Board. (See same.) Federal Reserve branch banks, 5—777. (See Federal Reserve Banks.) Federal Reserve notes. (See same.) Fiscal agency. (See Fiscal operations.) Governors’ conferences. (See Governors’ conferences.) Organization, 2—12, 58, 59. Transfer of currency, absorbed by Federal Reserve Banks, 4—1093. (See Currency.) (See Earnings and expenses; Federal Reserve Banks.) INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. 87 EXPENSES OF UNITED STATES GOVERNMENT. Declining, 5—189, 1009. Fiscal year, 1919, 5—218, 304, 725. Fiscal year, 1920, 5—218, 726. Income will equal in 1920, 5—218, 726. Monthly rate of, 5—407, 521, 1009, 1105. Secretary of Treasury on, 5—189, 218; 6—113, 769. War expenses, 5—725. (See War.) EXPIRATION OF TERM. Directors do not hold over after, 3—290. EXPORT. Associations under Webb law, 5—419. Banks, 6—46. ( See French National Bank of Com¬ merce.) Bills. ( See Acceptances.) Coin and bullion— Export, 3 —736; 4 —499, 50L (See Gold; Federal Reserve Board; President; Secretary of Treasury.) Regulations, 3 —736; 4 —500, 594. Secretary of Treasury delegates issuing of licenses to Federal Reserve Board, 4 —23, 81, 499. Licenses to export, 5—640. Licenses to export gold to Spain, 4 —365. President vests control of exports of, in Federal Reserve Board, 4 —23, 81, 499. Licenses granted, 4 —76, 81, 365, 499, 501, 807. Repeal of requirements, 5—615, 653, 853. (See coin.) Corporations, 5—611, 612. Council, appointed by President, 3 —582, 583. Credit plan— Great Britain, Government aid, 5—1012; 6—1312. No analogy between United Sates and Great Brit¬ ain, 5—1013. Credits, 6—4, 217, 218, 562, 563. British Board of Trade, 5—1012; 6—1312. (See Credits; Edge Act; principal heading.) Financing. Conference, Federal Advisory Council, 5—618. Licenses— Executive order, 3—582. Form of application, 3—674. Lists, 3—584, 673, 755, 864. Control of Federal Reserve Board extended, 3—833. Spain, gold to, 4—365. W’ar Trade Board, 4 —499, 1089. Licenses granted, 4 —76, 365, 499, 501, 807. Repeal of requirements, 5—615, 653, 853. (See Federal Reserve Board; President; Procla¬ mations; Secretary of Treasury; War Trade Board.) Problem. Only exists because exports and imports do not balance, 5—614. Trade— Actual and adjusted values, 6—1257. Appreciation of American dollar cuts down, 5— 1011 . Balance of, 5—194, 536, 614, 816; 6—1257. (See Balance of trade.) Credits, long-term, 5—611. Decrease of, 6—562, 563. EXPO RT —Continued. Trade—Continued. Discussion. General, 5—193, 312, 412, 526, 612, 816, 916, 1012, 1110. Domestic needs. Goods shipped in export trade are a deduction from, 5—614. Edge Act. (See same.) England— Adverse trade balance, 5—816. Export credit plan, 5—1012. Export balances, 5 —194, 536, 614, 816; 6—1257. European demand for credits in, 5 —1013. (See Europe.) Federal Advisory Council, conference, 5 —618. Financing of, 6—5, 115, 449, 562, 775. Conference, Federal Advisory Council, 5— 618. English plan; Government aid, 5—1012. Foreign demands must be financed promptly, 5—615. Necessity for, may involve severe strain, but not as serious as supposed, 5—512, 526, 615. Private or Government, 5 —308, 528, 611, 1012, 1110. Gov. Harding against Government, 5— 1012, 1110. Prices, higher. Exports cause, 5—613. Savings balance available for, not large, 5—613. Foreign securities, purchase of, if not limited, will go into banks and cause inflation, 5—614. Geddes, Sir A., on, 5—1011. Great Britain. Adverse trade balance, 5 —816. Great Britain, 250-million loan, 5 —1014. Harding, Gov., on, 5—1012. Increase of, 6—4, 217, 218. Investment trusts, 5—413. Lloyd-George. Adverse trade balance, 5 —816. Long-term credits, 5 —611. Prices— Exports cause higher, 5—613. Growth of, has kept prices from falling, 5— 528. Lower, necessary to enable our manufac¬ turers to compete for, 5—191. Private or Government, financing of, 5 —308, 528, 611, 1012, 1110. Problems of. Difficult to maintain present vol¬ ume of, 5—526, 527. Proportion of exports to domestic products, 5— 952. Savings balance available for. Not large, 5 —613. Situation, 5 —916; 6—1257. (See Business conditions.) War Finance Corporation. Under Victory loan act may make long-term loans for, 5—308. (See War Finance Corporation.) Transactions. (See Acceptances.) EXPORT LICENSES. (See Export; Licenses.) EXPORTATION. (See Acceptances, exportation and importation; Gold; Licenses; Russian rubles; Silver.) 88 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. EXPORTERS’ CERTIFICATES. Ruling, Foreign Exchange Division, 4—864; 6—482. EXPORTS. ( See also Exports and imports.) Agricultural products, 1914-1918, 5—636. Allies. Exports to and loans compared, 1917-1919, 5— 957. Bulk and values, 1910-1919, 5—849, 952; 6—899, 1082. Canada, 1910-1919, 5—1144. Chile, 6—1054. Coin, etc. (See Coin; Gold.) Cotton. ( See Cotton Export Association.) Decline of— July, 1919, 5—851. October, 1919, 5—952. Domestic demands. Goods produced for export in excess of, are on different basis from export of goods normally produced abroad, 5—613. Domestic products. Ratio of, to exports, 5—952, 955. Domestic supply. Excessive exports paid for by long¬ term credits are a deduction from, 5—612. Edge bill. Federal charter for foreign banking cor¬ porations in aid of, 5—705, 728, 820, 1056, 1109; 6— 5, 379, 561, 908, 1190. Eleven months of 1919, 6—4. Exchange, pegging of. Effect on exports of ceasing of, 5—411, 413, 414, 1038, 1039. Financing of. (See supra, Export trade.) Foods and raw material. Exports consist largely of, 5—104. Foreign exchange. Restrictions on transactions in, removed with certain exceptions, 5—653. (See Foreign exchange.) France. (See infra. Exports and imports.) Germany. After war, 4—1086. Gold. ( See Gold.) Great Britain. (See infra, Exports and imports.) Inflation. (See same.) International guaranty of. International Financial Conference, Brussels, 6—1130. Manufactured goods. Exports of, must await normal level of prices, 5—104. Meat products. ( See Physical volume of trade.) Merchandise, exports and imports— Fiscal year 1919, 5—617, 1011. September, 1919, 5—1011. 1919 to October, 1920, 6—1257. (See infra, Exports and imports.) Production and. Selected articles, 1910-1919, 5—955. Quantities and values. Exports and imports, 5—849, 952; 6—1316, 1317. Raw materials as security for. International Finan¬ cial Conference, Brussels, 6—1130. Silver. (See same.) Spain, 1914-1919, 5—1037. Stamp tax on, 5—467. United States— 1910-1919, bulk and value, 5—849, 952; 6—899, 1082, 1127. 1912-1916, 2—592. 1914-1919, bulk and value, 5—849. 1917- 1919, 5—617, 957. 1918- 1920, 6—482. Before and after war, 5—952. EXPORTS —Continued. United States—Continued. Fiscal year 1920, 6—669, 776. To specified countries, 1910-1919, 5—952. Proportion of exports to domestic products, 1910- 1919, 5—952, 955. Value— At 1913 prices, 6—841, 953, 1068, 1197, 1257, 1309. Selected commodities, 1913, 1919, 1920, 6— 695. (See United States.) War. Exports before and after, 5—952. War Finance Corporation. Aid to exports, 5—308, 966. (See War Finance Corporation.) Webb export act. Export associations under, 5—419. EXPORTS ADMINISTRATIVE BOARD. Export licenses, 3—755. Powers transferred to War Trade Board, 3—861. EXPORTS AND IMPORTS. Actual and adjusted values of, 6—695, 841, 953, 1068, 1197, 1257. Agricultural products, 1913-1920, 5 —636; G —482. Allies, to, 5—957. Before and after war, 6—952. Brazil, 1910-1919, 6—815. Canada, 1910-1919, bulk and value, 5—1144. Chile, 6—1054. Cuba, 6—1164. Denmark, 6—39. France, 6—218, 390, 508, 620, 669, 710, 847, 959, 1075, 1205, 1317. France and Spain, 5—1038. Gold. (See same.) Great Britain, 6—618, 669, 709, 843, 956, 1071, 1200, 1313. Great Britain, France, and Italy, 6—218. Italy, 6—218, 508. Japan, 6^509, 849, 961. Meat products, 6—75, 175, 289, 399, 517, 626, 715, 854, 969, 1087, 1217, 1331. Merchandise- Actual and adjusted values, 6—695, 841, 953, 1068, 1197, 1257. By countries, 2—592. Bulk and value, 5—849, 952; 6—899, 1082. Great Britain and Spain, 1913-1919, 5—1037. Spain and France, 5—1038. Spain and United States, 5—1038. United States, 2—592; 5—617, 849, 952, 957; 6—4, 482, 776, 841, 1068, 1082, 1127, 1257. 1913-1920, 6—482. Norway, 6—39. Pig tin. (See Physical volume of trade.) Production and, 5—955. Silver. (See same.) Spain, 5—1036, 1038. Sweden, 6—39. United States— (See supra, Merchandise.) (See United States.) index-digest of federal reserve bulletin. 89 EXPRESS CHARGES, 3—615. (See Clearing system.) EXPRESS CHARGES. Federal Reserve Banks not subject to tax on, 3 —931. EXPRESS RATES. American Railway Express Co. cancels Government, on and after January 1, 1919, 5—27. EXPRESS, SECURITIES FORWARDED BY. Ruling, Foreign Exchange Division, 4—1121. EXTENSION OF NOTE. If not extended to a certain future date, indorsement of interest payments does not require a stamp, if life of note is not contingent on payment of interest, 3—950. (See Acceptances, trade; Commercial paper.) F. FABRICS, COTTON. (See Cotton fabrics; National Association of Finishers of Cotton Fabrics.) FACE AMOUNT. (See Like face amount.) FACILITIES. Warehouse, for cotton, 1—258. FACT, QUESTION OF. Reasonable time for presentation of sight draft is a, 3—31; 4—1119. (See infra, Factor, cotton.) Whether rediscounts for member bank are intended as loans to nonmember bank, 1—213. FACTOR, COTTON. Paper of cotton factors is pure finance paper and not eligible even when to be loaned for commercial purposes, 5—1054; 6—162, 1176. Would be eligible when proceeds are to be used to buy goods to sell to another. A question of fact, 5— 1054; 6—1176. Draft of, ineligible for acceptance or rediscount, 6— 162. FAILURES, BANK. National banks. Last three as compared with last 33 years, 3—939. Seattle banks, 3—155. FAILURES, COMMERCIAL, 2—216, 267, 327, 377,447, 515, 601, 672; 3—19, 113 (year 1916), 167, 267, 374, 441, 520, 604,677. 747, 864,940; 4—16,89 (year 1917), 183, 295, 403, 510, 609, 741, 856, 967, 1099, 1197; 5—30, 128 (year 1918), 252, 359, 464, 563, 650, 736. 856, 960, 1051, 1152; 6—63, 160 (year 1919), 274, 384, 493, 609, 697, 833, 945, 946, 1064, 1175, 1300. German failures, 6—1318. FAIRFIELD COUNTY, CONN. Banks of, transferred from Boston to New York district, 2—154, 169. Change in allotment for purchase of United States 2 per cent bonds from banks offering them under sec. 18, because of such change in district lines, 2—157. FAITH, GOOD, DRAWN IN. (See Acceptance; Actually existing value.) FALSE ENTRIES. (See Comptroller of Currency.) FALSE STATEMENTS, LOANS. (See Comptroller of Currency.) FARM CREDIT STATEMENTS. Department of Agriculture, 4—718. FARM LAND BANKS, FEDERAL. Can deposit in Federal Reserve Banks for purposes of exchange or collection or for payment of coupons on Federal land bank bonds, 3—379, 881; 4 —435. Bonds of. are not Government obligations and are not eligible as collateral for member bank 15-day notes, 4 —33. Collateral notes of, and joint-stock land banks are pure finance paper and not eligible, 6—609. National banks may discount notes secured by, 4—635. Federal Reserve Banks can purchase bonds of, subject to maturity, etc., limitations of section 14. 4—1216. (See Farm land banks; joint stock.) FARM LAND BANKS, JOINT STOCK. Can not deposit in Federal Reserve Banks, 3—379. Collateral notes of, are not eligible for rediscount, 6—609. FARM LAND LOANS. (See also Real estate loans.) Amendment to section 24, Federal Reserve Act— Federal Reserve Board on, 2 —323. Passed by Congress, 2—441. Central reserve cities. National banks in, or in their outskirts, if within city limits, can not make, 2—272, 609. Certificates of eligibility for farm mortgage paper to be furnished by purchasing bank based on knowl¬ edge, 2—12. Federal Advisory Council suggests amendment to section 24, 1—394. Federal Reserve Banks can not discount farm land loans made under section 24, Federal Reserve Act, nor loans based on farm land security, 2—272, 395. Improved farm lands. Loans on. Construction, 3— 618. Improvements form part of value, 2 —608. Instructions, 2 —272. Limitations— One year, city loans, 2 —602, 606. Other liability of borrower on personal note not to be included in maximum, 2—66. (See infra, United States Revised Statutes, sec¬ tion 5137.) Provisions of section 5200, United States Revised Statutes, apply to loans made under section 24, 2—66, 171. Maturity of, 2—120, 226. National banks— May purchase or discount farm land notes under section 24, whenever payable, if maturity is within five years,2—120, 226. Can not make renewals of, but may make new loans on same security, 2—602. Outskirts of city. (See Central reserve cities.) Regulation G, 2—537, 606; 3—546 ; 6—1185. Regulation I, 1—43. Renewals. (See supra. National banks.) Section 24, Federal Reserve Act. (See Amendment; Federal Advisory Council; United States Revised Statutes, section 5137.) Undivided interest. Not advisable to loan on a mortgage of an, in farm land, 1—75. 90 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. FARM LAND LOANS— Continued. United States Revised Statutes, section 5137. Loans under, not included in limitations of section 24, 1—309; 2—607. United States Revised Statutes, section 5200. Ap¬ plicable to, 2—66, 171. ( See also Real estate loans, principal heading.) FARM LOAN ACT. (See Act of July 17, 1916.) FARM LOAN BOARD, FEDERAL. ( See Federal Farm Loan Board.) FARM LOAN BONDS, FEDERAL. ( See Federal farm loan bonds.) FARM LOANS. (See Farm land loans; Farmers.) FARM MORTGAGE PAPER. Certificates of eligibility to be furnished by officers of purchasing bank based on knowledge, 2—12. FARM PRODUCTS. As bank security. Department of Agriculture, 4—404. FARMERS. Credit needs of. Department of Agriculture, 3—937. Direct loans to, by Treasury and Department of Agri¬ culture, 4—807, 829. Eligibility of farmers’ paper. (See Agricultural paper; Live-stock paper.) Federal Reserve Act and, article, 1—442. Increased credits to, by Federal Reserve Banks and member banks, 6—1124. President of United States sets aside 5 millions for direct aid to, 4—830. Regulations, direct loans, 4—830. War Finance Corporation. Loans to farmers, 4—691, 806, 828, 950. FARNHAM, T. W. Elected Class A director, Boston, 3—7. FEDERAL. No legal prohibition against use of word in title of a bank, 1—361. Amendment proposed by Federal Reserve Board limiting use of word, 2—373. Use of word discouraged by Federal Reserve Board, 3—615; 4—521. FEDERAL ADVISORY COUNCIL. Acceptance power. Favors additional, 3—109; 4— 1175, 1177. Act September 7, 1916. Favors correction of error in, 3—106. Amendments— Suggested by, 1—394; 2—668; 3—106, 340; 4— 1175, 1177; 5—200. Report on amendments suggested by Federal Reserve Board, 3—101, 340. Annual election, 2—13, 53. Bank acceptances. Favors immediate credit in member banks’ reserve account for proceeds of, paid to any Federal Reserve Bank, 5—200. Changes in personnel, 5 —200. Clayton Act. Suggested amendment, 1—394. Clearing members, favors, 3—106. Comptroller of Currency. Office should be absorbed in Federal Reserve Board, 1—394. Credit control. Report to Federal Reserve Board on, 6—581, 583. FEDERAL ADVISORY COUNCIL— Continued. Collections. More direct, favored, 5—200. Credit situation conference, 6—556, 579, 581, 583, Deposits. (See infra, Guaranty.) Deposits, interest on bank. Discussion, 1—394. Deputy Federal Reserve Agents. Favors abolishing, 3—106. Discount rates— Increase in. Favors, 3—922. Opposes, 4 —491. Approves policy of Federal Reserve Board, 4 — 931. Preferential rates, war paper, should be continued until Liberty bonds and Victory notes are placed with ultimate investors and paid for, 5—200. Recommendations on, 6—224. Dollar exchange. Proposed amendment, 4—1177. Expenses of, 2—57; 5—132, 722. Farm loan bonds. Opposes Hollis bill. Farm-loan bonds as security for Federal Reserve Bank discounts and as basis for member bank accept¬ ances, 1—394. Federal Reserve Banks— Governors of, should not serve on, 2—3. Members of, should attend directors’ meeting only when invited, 2—112. Reduction of two-thirds in present paid-in capi¬ tal favored, 1—391. Surplus. Amendment, 4 —1175, 1177. Federal Reserve Board— Approves discount rate policy of, 4 —931. Financial conference with, 6—566. Gov. Harding, addresses, 6—579. Report, 6—581. Resolutions, 6—581. Federal Reserve notes— After war policy, 4—1177. Issue of, against gold. Favors, 3—106. Fees, 5—132, 722. Foreign banking corporations. Holdings of stock in, by national banks favored, 1—394. Foreign exchange bank. Opposes, 4 —491. Free gold market, 4 —1175, 1177. Guaranty of bank deposits. Opposes, 4 —490. Harding, Gov., address to, 4—1175; 6—579. Interest on bank deposits, 1—394. List of members, 2—53. Meetings and conferences, 1—35, 303, 394; 2—100, 261, 438, 509, 667; 3—340, 921; 4—160, 490, 491, 931, 1175; 5—200, 313, 618, 920, 1112; 6—224, 556, 579, 581, 583, 1019, 1123, 1263. Member-bank collateral notes. Advises extension of maturity to 90 days during war, 5—200. Mutual savings banks as members. Favors, 3—109. National banks. Branches of, favored, 1—394; 3—109. Press statements, 1—394. Reserve payment. Final, should be anticipated, 2— 668; 3—106. Reserves— Lowered. Favors, 3—106. Power in Board to increase. Opposes, 3—108. Rotation in office favored by Federal Reserve Board, 2—51. INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. 91 FEDERAL ADVISORY COUNCIL— Continued. Section 22. Favors amendment to, 3—108. United States Revised Statutes, section 5202. Favors additional exemption to 100 per cent, etc., limita¬ tion; liability of national banks as indorser on bills actually owned and discounted at home or abroad, 5 —200. Section 9. Associate members. Amendment favored, 3—109. United States 1-year Treasury notes. Favors abolish¬ ing, 3 —109. United States bonds, minimum deposit. Favors abol¬ ishing, 3—109. War paper. Favors preferential rates on, until Lib¬ erty bonds and Victory notes have been placed with and paid for by ultimate investors, 5—200. FEDERAL BUREAU OF PUBLIC ROADS. (See Capital Issues Committee.) FEDERAL CHARTER. Corporations engaged in foreign banking. Edge bill, 5—21, 229, 705, 725, 727, 728, 729, 820, 915, 1056, 1109; 6—5, 56, 908. (See Edge bill.) FEDERAL CONTROL OF RAILROADS. Act of March 21, 1918. Text, 4—296. FEDERAL EXCHANGE DRAFTS. (See Federal Reserve exchange drafts.) FEDERAL FARM LAND BANKS. (See Farm land banks.) FEDERAL FARM LOAN BOARD. Consolidated statement of system, 4—1195. Norris, G. W., appointed commissioner, 2—438. Second annual report, 5—129. FEDERAL FARM LOAN BONDS. Federal Advisory Council opposes provisions of Hollis bill making valid security for Federal Reserve Bank discounts and for member-bank acceptances, 1—394. FEDERAL RESERVE ACT. Amendments. (See same.) Digest of Federal Reserve Act— By C. S. Hamlin, 1—15. Second edition, 3—826; 4 —1. Edge Act. (See same.) Federal Reserve Board— Amendment. Two-year limitation, 5—20, 228. Review of amendments, 2—508, 513. Ruling. Reserve amendment, 2—508. Opinions on. (See Attorney General of United States; Opinions, counsel.) Progressive discount rates, 6—448 , 498, 777. Rulings on. (See various headings of this digest.) Section 3. (See Branch banks.) Section 7. Surplus, 5—21, 228. Section 8. (See Conversion; State banks.) Section 9— “Borrower” defined, 4—638. Conversion, 3—690. Discount limitations, 3—696, 950. State banks, 3—336, 502. (See State banks.) FEDERAL RESERVE ACT—Continued. Section 9—Continued. Ten per cent limitation, 4—863. Extended. 5—228, 361. (See Ten per cent limitations.) United States Revised Statutes, section 5200. Amendment of, does not affect, 5—1056. Section 10. Federal Reserve Board. Amendment to two-year limitation, 5—20, 228. Section 11 (k). Construction of, 5—362, 363. (See Fiduciary powers; Illinois; United States Su¬ preme Court.) Section 11 (m). Extension of 10 per cent limitation. Lapses after December 31, 1920. (Enacted to be in harmony with act September 26, 1918, giving increased power of discount of war paper to national banks), 4—1055; 5—21, 228, 361, 1055. Extended with qualifications to Oct. 31, 1921. Act of Feb. 27, 1921. (See volume 7, Federal Reserve Bulletin, March, 1921, p. 310.) Section 12. (See Federal Advisory Council.) Section 13— Acceptances not subject to 10 per cent limitation. (See Acceptances.) Difference between, and United States Revised Statutes, section 5200, 3—195. Exceptions to 10 per cent limitation. (See Ten per cent limitation.) Limitations of. (See Limitations on discounts; Ten per cent limitation.) Not affected by amendment to United States Revised Statutes, section 5200, 4—1055. Discounts of war paper. (See War paper.) (See also Acceptances; Agricultural paper; At¬ tached; Based on; Basic rates; Bills of ex¬ change; Borrower; Commercial paper; Dis¬ counts; Dollar exchange; Exchange charges; Gold bars; Live-stock paper; Member bank collateral notes; Member banks; Nonmember banks; Progressive rates; State banks; United States Revised Statutes, section 5200.) Section 14. (See Acceptances; Accounts; Bills of exchange; Gold; Discount rates; Foreign corre¬ spondents; Warrants.) Section 15. (See Government deposits.) Section 16. (See Clearing system; Deposits; Federal Reserve notes; Gold settlement fund; Reserves.) Section 17. (See National banks; United States bonds.) Section 18. (See Federal Reserve Bank notes; United States bonds; United States one-year Treasury notes.) Section 19. (See Excess reserves; Foreign branches; Reserves.) Section 21. (See Examinations.) Section 22. Directors’ fees, etc.— Interpretation, 1—16. Amendment, 3—100. Penal statute, 3—30, 694. Form for directors’ resolution, 3—929. Kansas State bankers favor amendment of, 4—515. Federal Reserve Board declines to rule whether indorsement of director comes within, as amended, 3—763. (See Directors.) Section 24. (See Farm land loans; Real estate loans.) 92 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. FEDERAL RESERVE ACT—Continued. Section 25. ( See Foreign banking corporations; Na¬ tional banks; Reserves.) Section 25 (a). ( See Edge bill.) Section 26. ( See Gold reserves.) Section 27. ( See Aldrich-Vreeland Act.) Section 28— ( See Capital stock.) ( See also Construction; Opinions, Attorney Gen¬ eral of United States; Opinions of counsel.) FEDERAL RESERVE AGENTS. Acceptances. To prepare circular on, 5—415. Accounts, 1—171, 248, 296, 342, 389, 430; 2—48, 95, 145, 199, 254, 303, 366, 429, 502, 581, 652, 722;’ 3— 70, 148, 228, 325, 418, 494, 573, 647, 726, 822, 913, 986; 4—146, 237, 351, 472, 559, 675, 786, 906, 1034, 1152; 5—91, 175, 286, 398, 503, 599, 691, 801, 895, 998, 1093, 1190; 6—100, 200, 317, 425, 540, 649, 751, 880, 893, 993, 1111, 1240, 1356. ( See Federal Reserve notes.) Act June 21, 1917. Joint custody, 3—615. Annual designation of, 2—51; 4 —13. Bonds. Reduction in amount of, because of joint cus¬ tody, 3—615. Business readjustment. Report on, 5—205. Clearing system. Report on, 1—307, 369. Collection. ( See Federal Reserve Banks.) Compensation, Deputy Federal Reserve Agents, 1— 362. Conferences of, 1—347, 395: 2—206, 262, 310; 3-^t; 4— 160; 5—1015, 1017; 6—1123, 1263. Cost of unissued notes, 3—93, 609. Cost of shipment, unfit notes, 3—82, 242. Deputy Federal Reserve Agents. Compensation, 1— 362. (See infra, National bank examiners.) Designation of. Yearly, 2—51; 4—13. Discount rates. Recommend increase in, 5—1017. Domestic acceptances. Report on, 3—6. Duties, 4—373. Expenses, 2—17; 5—132, 722. Federal Reserve Banks may turn over to, maturing notes and bills for collection. Rider may be at¬ tached to serve notice that Federal Reserve Banks hold them for collection only, 3—351. Federal Reserve Board. Letter to. Speculative tend¬ encies, 5—1108. Gold holdings, 1914-1916. Chart, 3—233. Gold settlement fund— Accounts with. May open, 1—303, 304. Federal Reserve Agents’ fund, 1—359, 403; 2— 11, 63, 110, 167, 222, 271, 322, 383, 455, 522, 605, 676; 3—27, 97, 176, 269, 354, 455, 524, 612, 680, 761, 841, 948; 4—27, 106, 224, 339, 460, 548, 662, 772, 893,* 1019, 1239; 5—275, 570, 877, 1179; 6—300, 633, 976, 1015, 1341. (See Gold settlement fund.) Federal Reserve Board. Resolution, 1—304. Federal Reserve Banks may reduce liability on Federal Reserve notes by transfers on, to credit of Federal Reserve Agents, 1—273. Federal Reserve notes. Transfers from Federal Reserve Agents’ deposit in, in payment of unfit Federal Reserve notes, 1—404. Hardy, C., appointed, Richmond, 2—153. Heath, W. A., appointed, Chicago, 3—7. FEDERAL RESERVE AGENTS—Continued. Indorsement. Paper, gold order certificates, etc., pledged with, 1—363. Jay, Pierre, designated, New York, 3—7. Joint custody, 3—615, 691. List, 4—14. Meetings of. (See supra, Conferences.) Member bank rediscounts. To report on use of pro¬ ceeds, 5—617. Money and exchange. Report, Federal Reserve Agent of New York, 6—231. Money held by. (See Money.) Morgan, S., appointed assistant to Federal Reserve Agent. New York, 5—530. National bank examiners, no longer to be appointed Deputy Federal Reserve Agents, 2—2. New York. Report, housing conditions, 5—632, 1049. Notes. (See Cost; Federal Reserve Banks.) Ramsay, A. E., designated, Kansas City, 4—5. Reports— Business readjustment, 5—205. Clearing system, 1—307, 369. Domestic acceptances, 3—6. Federal Reserve Board. Weekly, to, 1—13. Housing conditions, New York, 5—632, 1049. Member bank rediscounts. Use of proceeds, 5— 617. Speculative tendencies, 5—1108. Trade acceptances, 3—8. War paper. Policy as to liquidation of, 6—325. (See Business conditions.) Shipment of notes. (See Cost.) Trade acceptances, report on, 3—8. Unfit noteB. Cost of shipment, 3—82, 242. Unissued notes. Cost of, 3—93, 609. War paper. Report. Policy as to liquidation of, 5— 325. FEDERAL RESERVE BANK AND MEMBER BANK DEVELOPMENT. Fiscal year, 1920, 6—723. FEDERAL RESERVE BANK AGENCY. Memphis, regulations, 3—168. FEDERAL RESERVE BANK AND BRANCH CITIES. Commercial rates in, 4—812, 1016, 1106, 1209; 5—74, 265, 376, 482, 577, 667, 750, 864, 972, 1065, 1162; B—72, 172, 286, 396, 514, 622, 713, 852, 967, 1085, 1215, 1329. FEDERAL RESERVE BANK CITIES. (See Member bank condition statements.) FEDERAL RESERVE BANK HOLIDAYS. List, by districts, 2—68. FEDERAL RESERVE BANK NOTES. Act April 23, 1918. Pittman act. Issue of, against United States 2 per cent Treasury certificates and United States one-vear gold notes, 4—363, 395 (text), 493; 5—5, 699; 6—563, 779. Apportionment of, 4—492. Circulation. (See Money.) Circulation. Reduction of. Federal Reserve Board, letter to governors, 5—699. Cost of, chargeable to current expense account, 5—26. Cost of transportation of unfit, paid by Treasury, 3— 242. INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. 93 FEDERAL RESERVE BANK NOTES—Continued. Denominations outstanding, 4 —519. ( See Money.) Federal Reserve Board. Letter to governors on reduc¬ tion of circulation of, 5—699. Federal Reserve notes. How Federal Reserve Bank notes differ from, 2—273. Five per cent redemption fund. Only reserve re¬ quired against, 2—273. Instructions, 4—493. Outstanding denominations, 4—519. {See Money.) Pittman silver act, act April 23, 1918. Issue of, against United States 2 per cent Treasury cer¬ tificates and United States one-year Treasury notes, 4—363, 493, 595; 5—5, 699; 6—563, 779. Printing of, 1—15; 4 —487. Redemption fund. (See supra, Five per cent redemp¬ tion fund.) Reserves. None required except 5 per cent redemp¬ tion fund, 2 —273. Unfit. Cost of transportation to Washington paid by Treasury, 3—242. United States one-year Treasury notes. Issue of Fed¬ eral Reserve Bank notes against— Amendment proposed, 3—100. Federal Advisory Council opposes, 3—109. Pittman act authorizes issue of Federal Reserve Bank notes against, 4 —363, 395, 493; 5—5, 699; 6—563, 779. (See United States one-year Treasury notes.) United States 2 per cent Treasury certificates. Pitt¬ man Act. Issue of Federal Reserve Bank notes against, 3—100,104; 4 —363, 395, 493; 5—5, 699; 6—563, 779. Use of, 1—15. (See also Money.) FEDERAL RESERVE BANK OF ATLANTA. Adelson, L. C., elected deputy governor, 5—201. Birmingham branch, 4 —597, 695. Branches of— Birmingham, 4—597, 695. Jacksonville, 4—596, 695. New Orleans, 4—10, 15, 597, 695, 817. Commercial rates in district, 6—573. Crop moving. (See Government deposits.) Directors of. ( See Directors, principal heading.) Discount rates, increase in, 2—261. Discounts. Controversy over Tennessee member banks rediscounts with, 2—4. Dividends, 2—373; 3—507. Government deposits— To move cotton crop, 1—301. Repaid, 2—371. Hamlin, Gov. Visits, 2—261. Jacksonville branch, 4—596, 695. Louisiana banks transferred from Dallas to Atlanta dis¬ trict, 2—153, 154, 158. McCord, J. A.— * Resigns as governor, 5—201. Appointed Federal Reserve Agent, 5—201. Member banks. Controversy over rediscounts, 2—4. New Orleans branch, 1 —51, 123, 251, 298; 4 —10, 15, 597, 695, 817. FEDERAL RESERVE BANK OF ATLANTA—Contd. Redistricting— Change in northern boundary line, Mississippi, 6—59. Louisiana banks from Texas to Atlanta district, 2—153, 154, 158. Transfers. ( See Redistricting.) United States bonds, change in allotment of, for pur¬ chase under section 18 because of transfer to Atlanta district of Louisiana banks, 2—157, 158. Wellborn, M. B., elected governor, 5—201. FEDERAL RESERVE BANK OF BOSTON. Aiken, A. L. Resignation as governor, 4—5. Allen, P. R., elected Class B director, 4—695, 817. Boston Clearing House— Takes over country clearings of, 2—315, 317; 3— 162. Admitted as member of, 3—164. Clearings— Takes over country, from Boston Clearing House, 2—315, 317; 3—162. Cost of handling items, 3—164. Commercial rates in district, 6—572. Country clearings. {See Clearings.) Director. Resident of Fairfield County, Conn., after transfer to New York can not be elected to serve as director of, 2—607. Directors. {See same, principal heading.) Discount rates— Increase, 3—4. Increase favored on bond-secured loans, 5—325. {See Discount rates.) Discounts. Uses 365 days in computing, 3—951. Fairfield County, Conn.— Transferred to New York, 2—154, 155, 169. Change in allotment of United States bonds for purchase under section 18 because of trans¬ fer, 2—157. Resident of, after transfer can not be elected director of, 2—607. Federal Reserve System. Statement. Reasons why banks should join, 4—1081. Member banks. List, 4—1081. Metcalf, J. Appointed Class C director, 4—817. Morss, C. A. Elected governor, 4—5. Redistricting. {See Fairfield County.) United States bonds. Change in allotment for pur¬ chase under section 18 because of transfer of Fair- field County, 2—157. FEDERAL RESERVE BANK OF CHICAGO. Clearing system. Circular, 2—312. Commercial rates in district, 6—573. Detroit branch, 4—10, 256. Directors. {See same, principal heading.) Dividends, 2—373; 3—507. Liberty loans, Circular, 3—437. FEDERAL RESERVE BANK OF CLEVELAND. Cincinnati Branch, 3—923; 4—10, 14. Commercial rates in district, 6—572. Directors. {See same, principal heading.) Dividends, 3—507. Liberty bonds. Only few agreements to carry cus¬ tomers beyond 90 days, 5—326. 94 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. FEDERAL RESERYE BANK OF CLEVELAND— Con. Member bank collateral notes. One renewal only at original rate, 5—326. Pittsburgh branch, 3—923; 4—10, 15. FEDERAL RESERYE BANK OF DALLAS. Accrued dividends due Oklahoma banks after trans¬ fer to Kansas City, 2—678. Class C directors, appointment of, 2—107. Clearing plan, 2—315. Commercial rates in district, '6—574. Crop moving. (See Government deposits.) Directors. (See same, principal heading.) Dividends, 2—373, 508. (See supra, Accrued dividends.) El Paso branch, 4—256, 365, 597. Government deposits— To move crops, 1—301. Repaid, 2—371. Houston branch, 5—619. Live-stock paper, loans on, 2—395. Martinez, F. Death of, director, 2—152. Newsome, W. B., appointed Deputy Federal Reserve Agent, 2—100. Oklahoma banks. Transfer to Kansas City. Accrued dividends, 2—678. Redistricting— Louisiana banks to Atlanta, 2—153. Oklahoma banks to Kansas City, 2—678. (See Redistricting, principal heading.) Tenison, E. O., resigns as Federal Reserve Agent, 1— 312. United States bonds. Change in allotment for pur¬ chase under section 18 because of transfer of Louisiana banks, 2—158. Van Zandt, R. L., elected governor, 1—50. FEDERAL RESERVE BANK OF KANSAS CITY. Accrued dividends to Oklahoma banks transferred from Dallas, 2—678. Commercial rates in district, 6—573. Directors. (See same, principal heading.) Discount rates— Increase, 2—205; 4—487. Increase favored, 5—325. Dividends, 2—373; 3—507. Government deposits, crop moving. Refused, 1—302. Live-stock paper, loans on, 2—395. Oklahoma branch, 5—1017, 1018, 6—63, 159, 782. Omaha branch, 3—586. Ramsay, A. E., appointed Federal Reserve Agent, 4—5. FEDERAL RESERYE BANK OF MINNEAPOLIS. Commercial rates in district, 6—573. Directors. (See same, principal heading.) Discount rates, increase, 2—261. Dividends, 3—507. Government deposits, crop moving. Refused, 1—302. Miller, Dr. A. C., visits, 2—438. Wold, T., resigns as governor, 5—919. Young, R. A., elected governor, 5—919. FEDERAL RESERVE BANK OF NEW YORK. Acceptances. Increases rates, 3—4. Accrued dividends due Philadelphia banks transferred to New York, 2—678. FEDERAL RESERVE BANK OF NEW YORK—Con. Argentine credits, 4—941. Bank of England. Foreign agent for, 3—4, 5. Bank of France. Foreign agent for, 3—175. Bankers’ acceptances. Will receive, for collection except those payable at New York Clearing House banks. Schedule of availability, 5—245. Buffalo branch, 5—530. Circular. Vault reserves, 2—669. Collection charges. New York Clearing House rule. Members shall not pay a higher charge for col¬ lection of items on the Federal Reserve par list than would be incurred in collecting such items through the Federal Reserve Bank of New York, 4—1056. Commercial rates in district, 6—572. Conservation of credit. Statement, 4—741. Cost of living, 5—632, 1049. Coupons. Will cash, on Federal farm loan bonds, 4——435. Credit, conservation of. Statement, 4—741. Curtailment of loans. Statement, 4—935. Delano, F., visits, 2—309. Directors. (See same, principal heading.) Discount rates— Increases rates on acceptances, 3—4. Increase in, 4—7. Discounts— Ratio of, to total; chart 5—276, 277. Uses 365 days in computing, 3—951. Dividends, 3—507. Fairfield County, Conn., transferred to New York, 2— 153, 155, 169. Farm oan bonds, Federal. Will cash coupons on, 4— 135. Federal Reserve System. Reasons why banks should join, 4—615. Housing conditions. Report, Federal Reserve Agent, 5— 632, 1049. Immediate credit at par. Drafts on Federal Reserve Bank of Richmond, 1—367. Outlying districts. Reserves, 4—1086. Questionnaire to employees on cost of living, 6—1294. Redistricting— Accrued dividends due New Jersey banks, 2— 678. (See Redistricting, principal heading.) Speculative activity. Gov. Strong. Letter, 4—935. Statements— Conservation of credit, 4—741. Curtailment of loans, 4-935. Speculative activity. Gov. Strong, 4—935. Strong, Gov.— Leave of absence, 2—315. Letter to New York Stock Exchange. Specula¬ tive activity, 4—935. Treman, R. H., resigns as deputy governor, 5—1018. United States bonds. Change in allotment for pur¬ chase under section 18 because of transfer of Fair- field County, Conn., to, 2—157. Vault reserves. Circular, 2—669. Warburg, P., visits, 2—309. FEDERAL RESERVE BANK OF PHILADELPHIA. Accrued dividends. Due New Jersey banks, trans¬ ferred to New York settlement, 2—678. INDEX-DIGEST OF FEDERAL, RESERVE BULLETIN. 95 FEDERAL RESERVE BANK OF PHILADELPHIA— Continued. Coin counting machines. Deprecates use of, 3—140. Commercial rates in district, 6—572. Directors. ( See same, principal heading.) Dividends, 3—507. Governor. Norris, G. W., elected, 6—341. FEDERAL RESERVE BANK OF RICHMOND. Agricultural paper. Lower rates on, 2—437. Baltimore branch, 3—440; 4 —10, 256. Capital payments, 2—5. Circular. Clearing system, 2—598. Class C directors, appointment of, 4—491. Clearing system. Circular, 2—598. Commodity paper. Rates, 2—205, 437. Directors. (See same, principal heading.) Discount rates— Increase, 2—205; 4 —487. Lower, on agricultural and commodity paper, 2— 437. Dividends, 2—5, 205, 373; 3—507. Earnings, 2—5, 373. Government deposits— Crop moving, 1—301. Repaid, 2—371. Immediate credit at par. Federal Reserve Bank, New York, gives, to drafts on, 1—367. Reserve payment. Favors anticipation of final, 2—5. Tennessee banks. Rediscounts, 2—5. FEDERAL RESERVE BANK OF SAN FRANCISCO. KrQ TIGn ow_ Portland, 3—339; 4—10, 15. Salt Lake City, 4—256, 365. Seattle, 3—339; 4—10, 15. Spokane, 3—339, 585; 4—10, 15. Calkins, J. U., elected governor, 5—530. Commercial rates in district, 6—574. Directors. ( See same, principal heading.) Dividends, 2—508; 3—507. Foreign agent, Philippine National Bank, 3—239. Kains, A. Resigns as governor, 3—633. Los Angeles branch, 5—821. Lynch, J. K.— Elected governor, 3—713; 4—5. Death of, 5—530. Philippine National Bank. Foreign agent of, 3—239. Portland branch, 3—339; 4 —10, 15. Salt Lake City branch, 4 —256, 365. Seattle branch, 3—339; 4 —10, 15. Spokane branch, 3—339, 585; 4 —10, 15. FEDERAL RESERVE BANK OF ST. LOUIS. Biggs, D. C., elected governor, 5—201. Branches— Little Rock, 4—1056. Louisville, 4 —10, 14. Memphis, 4 —597, 817. Directors. ( See same, principal heading.) Discount rates. Increase, 3—4. Dividends, 3—507. Federal Reserv'd Bank agency, Memphis, 3—168. Government deposits. Crop moving, refused, 1—302. FEDERAL RESERVE BANK OF ST. LOUIS—Con. Little Rock branch, 4—1056. Louisville branch, 4—10, 14. Member banks, Tennessee. Controversy as to redis¬ counts of, 2—4. Memphis agency, 3—168. Memphis branch, 4—597, 817. Redistricting. Humphreys County, Miss., trans¬ ferred from Atlanta district to, 6—59. Wells, Rolla, resigns as governor, 5—201. FEDERAL RESERVE BANK ORGANIZATION COM¬ MITTEE. Appeals from decisions of. (See Redistricting.) FEDERAL RESERVE BANK STATEMENTS. (See Earnings and expenditures; Federal Reserve Agent, accounts; Resources and liabilities.) FEDERAL RESERVE BANK STOCK. Surrender of, by liquidating bank, 5—53. (See Capital stock.) FEDERAL RESERVE BANKING. Review of. (See Review.) FEDERAL RESERVE BANKS. Absorption of cost. (See Cost; Currency shipments; Federal Reserve notes.) Acceptances— Hold 60 per cent of member bank, 5—105. (See Acceptances; Rediscounts.) Accounts. Adjustment of, after redistricting, 1 —144. Act June 21, 1917. New form, weekly statements, 3—506. Agency, Memphis, 3—168. Agricultural paper— Limit fixed at 99 per cent, 2 —67 at 68. (See Agricultural and live-stock paper.) Alaska. (See same.) American Bankers Association, membership of, in, 1 — 15. Annual. (See infra, Tenure of office.) Assessments on, by Federal Reserve Board, 1 —118; 2— 7, 8, 318, 319; 3—23, 24, 525, 526; 4—24, 608; 5—132, 722; 6—132, 829. Assets and liabilities. (See Resources and liabilities, principal heading.) Assets, changes in, 3—758. Average time of destination between, 1 —83. Bank of England. Earmarked gold in, 3—504. Bank premises. Cost, 5—134, 723. Banks of issue. Comparison with leading European. (See Banks of issue.) Bill of lading drafts— Collection of, 3—114. (See infra. Immediate credit.) Bills receivable. Can not discount notes secured by, 2 — 66 . Borrower. Any one— (See Borrower.) (See infra, Discount.) Branch banks. (See same, principal heading.) Branches, foreign— Secretary of Treasury favors establishment of, in South America, 1—313. Federal Reserve Board disapproves except in part, 1 —348. Canal Zone. (See same.) 96 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. FEDERAL RESERVE BANKS—Continued. Cancellation of stock certificates. Regulation I, 1920. 6—1187. Capital. Minimum, is 4 millions but may be decreased after opening, 2—207. Capital stock— Circulars and regulations, 1—42, 148; 2—541. Deduction of value of. State taxation of shares in member banks, 1—315; 3 —955. Paid in, 2—98, 123. Payment, third installment, 1—14. Surrender of. Need not demand, proportional part of capital stock because of reduction of surplus, 1—218. Tax, State, exemption from, 1—13. ( See Capital stock.) Chart, organization, 4—374. Circulars and regulations. ( See Circulars and regula¬ tions; Regulations.) Clearing and collection service, 5—467. Clearing system. ( See Clearing system, principal heading.) Closing of books for dividend purposes, 2 —12, 511; 4—521. Collecting agents, 1—104. Collection, bill of lading drafts, 3 —114. Collection services— Checks and drafts for member banks outside dis¬ trict, 6—276. Collection of maturing notes and bills when sent by member banks outside district for account of Federal Reserve Bank, 6—276. Commodity paper, discounts. ( See Commodity pa¬ per; Discount and open-market operations.) Comparison with leading foreign banks. (See Banks of issue.) Condition. ( See Condition; Resources and liabilities.) Contingent liability on rediscounts with other Federal Reserve Banks. ( See same, principal heading.) Cost— Bank premises, 5—134, 723. Furniture and equipment, 2—58, 219, 387; 3 —93, 608; 5—134, 723. ( See Federal Reserve notes.) Coupons. Will cash, of Federal land banks, 4 —435. Credit information. Divulging of, 1—347. Currency shipments. No tax on charges for, 4—1215. Current expense account. Charges to, 5—26. Deposits. ( See Deposits, principal heading; Federal land banks; Government deposits; Net deposits.) Direct discounts not permissible for individuals save through member banks, 2—112, 272, 679; 3 —379, 457, 763. Directors— Election of. ( See Directors, principal heading.) May require guaranty or indorsement of, on dis¬ counted paper of a suspended national bank, 2 — 66 . Discount and open-market operations. ( See same.) Discount policy. ( See Discount rates.) Discount power— Not affected by act October 22, 1919, amending section 11 (m) of Federal Reserve Act, 5— 1055, 1056. May refuse to discount paper of any borrower which it has already discounted in sufficient amounts for other member banks, 6—276. FEDERAL RESERVE BANKS—Continued. Discount power—Continued. No obligation to discount paper although eligible, 6—1301 at 1303. Discount rates— During war, 5—943. ( See Discount rates, principal heading.) (See infra, United States Revised Statutes, section 5198.) Discounts— Bills receivable. Notes secured by, are eligible, 1—112, 127. Commodity paper, f See same; Discount and open-market operations.) Computation of— Boston and New York use 365 days; all other Federal Reserve Banks 360 days, 3—951. Method, 1—74; 2—272, 456, 461; 3—951; 5—249. Direct. (See supra, Direct discounts.) Farm loan paper not permissible, 2—272. Finance bills not permissible, 4—1120. (See Finance paper.) Discount and open-market operations. (See same, principal heading.) Limitation on amount of. None except section 13, 2—112, 274, 457. Nonmember bank—• Indorsement of, on paper offered and indorsed by member bank does not make non¬ member bank a borrower subject to limitation of section 13, 4—520. (See Nonmember banks.) Purchases and, by groups, 6—777. Section 13— Only limitation on rediscounts, 2—112, 274, 457. Borrowers under section 13. (See Borrowers.) Speculative purposes, rediscounts for, 5—1107. (See Profit.) War paper— 1917-1919, 5—428. 1914-1919, 5—771. (See Discounts, principal heading.) (See Preferential rates; War paper.) Dividends. (See same, principal heading.) Double liability of State member banks on stock of, 1—273. Draft, military. Employees’ exemption, 3—591. Drafts of member banks, 3—78. (See Federal Reserve exchange drafts; Federal Reserve transfer drafts.) Due from. (See same, principal heading.) Duty of officers, 4—373. Earmarked gold— In Bank of England, 3—504. (See Earmarked gold.) Earning assets— Comparison, 1914 and 1919, 5—771. Fiscal year 1920, classification of, 6—723, 725. (See Classification; Earning assets, principal head¬ ing; Resources and liabilities, principal heading.) Earnings. Items charged against, 2—12. Earnings and expenses. (See same, principal head¬ ing.) INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. 97 FEDERAL RESERVE BANKS—Continued. Emplovees— 1915-1917, 5—778. Draft exemption, 3—591. Group insurance, 3—28. List to be submitted annually to Federal Reserve Board, 2—13. (See Employees.) Equipment. ( See supra. Cost.) Examinations of. Directors to read and initial re¬ ports, 2—206. Exchange. Can not receive checks payable in, at current rates, 3—763. (See Exchange.) Exchange charges. (See same.) Executive committee, composition of, 1—211. Expenses. (See Earnings and expenses, principal heading; Organization expenses, principal head¬ ing.) Farm land. Can not rediscount loans on, made un¬ der section 24, 2—272. Farmers’ paper. Increased holdings, 6—1124. Federal land bank bonds. Can not purchase, matur¬ ing in 1938, 4—1216. Federal land banks. Can receive deposits from, only for payment of coupons or for exchange or col¬ lection purposes, 3—379 , 881; 4—135. Federal Reserve agents may indorse collateral for Federal Reserve notes to Federal Reserve Banks for collection, 3—351. Federal Reserve Bank notes. (See Federal Reserve Bank notes, principal heading.) Federal Reserve Board can not abolish nor change location of, 1—396; 2—207. (See Opinions of Attorney General; Opinions of counsel.) Federal Reserve notes— Must pay expense of issue and of retirement of own, 2—71. Must pay transportation charges on own, returned by Treasury or Federal Reserve Banks for redemption, 2—71. Must reimburse cost of shipping unfit, from sub treasuries to Washington, 5—28. Will absorb cost of transportation of new, 4—931, 1093. Will absorb cost of transportation of currency, 4—1093. Issue power, 3—155. Stationery. Can not use emblem of, on stationery without consent of Secretary of Treasury, 3—194. Use of, in meeting currency demands, 2—512. (See Federal Reserve agents.) (See same, principal heading.) Finance bills. Can not discount, 4—1120. (See Finance paper.) Finance paper. (See same.) Fiscal agents— Will be designated as, on January 1, 1916. Secre¬ tary of Treasury. Letter, 1—395. Designated, May 14, 1917, 3—423. Expenses, 6—135, 726, 830. Operations, 5—134, 723, 777; 6—135, 726, 830. (See Fiscal agents, principal heading.) 37599°— 21-7 FEDERAL RESERVE BANKS— Continued. Fiscal year, 1920. (See same.) Foreign banks. Comparison with. (See Banks of issue.) Foreign branches of— Secretary of Treasury favors, in South America, 1—313. Federal Reserve Board dissents, 1—348. Franchise tax, 4—6, 12. 593; 6—135, 830. (See same, principal heading.) Frank. Can not use Treasury, for Liberty bond correspondence, 3—439. Furniture. (See supra. Cost.) Gold- Control, Federal Reserve Bank of New York, 3—659. Earmarked, Bank of England, 3—504. (See Gold, principal heading.) Free gold, 1919, 6—145, 146, 147. (See Gold, principal heading.! Gold reserve— 1900-1919, 6—144. (See Reserves; Resources and liabilities.) Government deposits— Reserves against, 3—458. (See Government deposits, principal heading.) Governors’ conferences. (See same, principal head¬ ing.) Group insurance, employees, 3—28. Hawaii. (See same.) Hines, Director General of Railroads. Addresses governors, 5—307. Holidays. List of Federal Reserve Bank, 2—68. Immediate credit at par. (See Bill of lading drafts.) Implied powers, section 4, 1—104. Increase and decrease of stock. Regulation I, 1920, 6—1187. Insurance, group, employees, 3—28. Interdistrict time schedule, 4—1175; 6—746, 987. Interest— One day to be added in purchasing acceptances not payable by check on Federal Reserve Bank or through clearings, for loss of, 4—521. (See infra, Rediscounts.) Issue of stock. Regulation I, 1920, 6—1187. Interest rates. (See infra, United States Revised Statutes, section 5198.) Investment operations. (See Discount and open- market operations; Investment operations, prin¬ cipal heading; Open-market operations; Total investment operations.) Joint custody. Notes, gold, and lawful money. Act June 21, 1917. Ruling of Federal Reserve Board, 3—691. Leading banks of issue, comparison with. (See Banks of issue.) Liabilities. (See Resources and liabilities, principal heading.) Liability. Double, of member banks on stock in, 1—273. Liberty loans— I and II— Assistance of, 3—497, 577 , 580, 588. Telegrams may be charged to Treasury, 3—439. 98 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. FEDERAL RESERVE BANKS—Continued. Liberty loans—Continued. III. Federal Reserve Banks and, 4—587. IV. Condition of Federal Reserve Banks at beginning and end of, 5—324. Can not use Treasury frank in connection with Liberty loans, 3—439. (See same, principal heading.) (See Victory Liberty loan.) Limitation on rediscount. ( See supra, Discounts.) Liquidation, January 1, 1918, 4—9. Liquidity of, 3 —651, 831. Location of. Federal Reserve Board can not change, 2—207. Member banks— List of, rediscounting. (See Discount and open- market operations, number of banks accom¬ modated.) Reserves, deficient. Checks of member banks on, must be paid, although reserve balances are deficient, 1—12. Securities. Can not buy securities for, 1—346. Services performed for, 1—346; 6—276. Speculative purposes, rediscounts for, 5—311, 524, 617, 1010, 1015, 1107. (See Profit; Speculative purposes.) Member banks’ collateral notes— May give preferential rates to, secured by war paper, 6—162. May decline to make advances on, secured by war paper unless the collateral is owned by member banks and unless war paper securing Government deposits is actually owned by, 6—162. Minimum capital. Four millions requirement may be decreased after opening, 2—209. Money in. (See Money, principal heading.) National-bank examiners, relations with, 1—15. National banks— Holdings of war paper, 5—428. Due to, 1915-1917, 3-^84. Net deposits, 1919, 6—146. Nonmember banks, acceptances of, held. (See Dis¬ count and open-market operations, principal heading; Nonmember banks.) Norris, G. W., appointed governor of Federal Reserve Bank of Philadelphia, 6—348. Notes. (See infra, Promissory notes.) Officers— Changes in personnel, 6—778. Duties, 4 —373. List to be submitted annually to Federal Reserve Board, 2—13. Officers and employees, list, 5—778. Open market. May buy United States bonds in, free from limitations of section 18, 1—268. (See infra, Promissory notes.) Operations of— Federal Reserve Bulletin. Comments. (See Review of month.) (See Discount and open-market operations.) Organization chart, 4—374. Organization expenses, 2—12, 58, 59. Paper. Single name. (See infra, Promissory notes.) Par, immediate availability at. (See Clearing system; Federal Reserve exchange drafts; Federal Re¬ serve transfer drafts.) FEDERAL RESERVE BANKS—Continued. Par points. Map, 6—644. (See Clearing system.) Parcels-post packages subject to stamp tax, 4—17. Payment. (See Capital stock.) Personnel. Changes in, 5—530. Philippine*. (See same.) Political office. Holding of, 2— 2 , 16; 6—10. Porto Rico. (See same.) Powers. Implied, section 4, 1—104. Preferential rates. (See supra, Member bank col¬ lateral notes.) Profit and loss account, 3—92; 4 —102; 5—132, 723; 6—135, 830. Promissory notes. Can not purchase in open market, 1—347, 360, 365, 406. Rediscounts— Between Federal Reserve Banks— Equalization of reserves by, 4 —361. Fiscal year 1920, 6—730, 1041. Interest, computed on 365-day basis, 4 —109. Rediscounts and sales of acceptances between, 4 —590, 777, 778, 1147; 5—169, 495, 794, 1085; 6—192, 531, 730, 871, 911, 1014, 1019, 1041, 1044, 1133, 1232. Weekly statements. To appear in, 5—310, 311. Commercial or business paper for member State banks, 6—1157. Cotton factors paper, 5—1054; 6—162, 1176. (See same, principal heading.) Drafts eligible for acceptance bv member banks, 5—253, 254. Limitations, State member banks, 3 —696; 4r—638; 5—361, 1055, 1157 ; 6—495. (See Borrower.) Power of Federal Reserve Banks not affected by amendment of United States Revised Stat¬ utes, section 5200, 5—1055. Speculative purposes, i —311, 523, 617, 1009, 1015,1107. (See same.) War paper in excess of 10 per cent. Act March 3, 1919. (See act of March 3, 1919.) (See Discounts; Rediscounts.) Reduction of surplus. (See infra, Surplus.) Regulations. (See Circulars and regulations; Regu¬ lations.) Reserve balances. Can not refuse payment of draft of member bank because, deficient, 1—12. Reserve payments, 2—598. Reserves— Government deposits, 3—458. (See same, principal heading.) Resources and liabilities. (See Resources and liabili¬ ties, principal heading.) Review, 5—3, 771; 6—11, 662, 664, 1253. Salaries. Adjustment of, 6—54, 1293. Sales of acceptances. (See supra, Rediscounts between.) Secretary of Treasury— Favors foreign branches of, 1—313. Federal Reserve Board dissents, 1—348. Section 11 (m). (See Ten per cent limitation, section ll(m).) INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. 99 FEDERAL RESERVE BANKS—Continued. Section 13. ( See Ten per cent limitation, section 13.) Section 18, Federal Reserve Act. ( See United States bonds.) Section 19. ( See Ten per cent limitation, section 19.) Services performed for member banks, 1—346. Settlement between, 1—15. Single name paper. ( See supra, Promissory notes.) Speculative purposes. Member bank rediscounts for, 5—311, 523, 617, 1009, 1015,1107. Stamp tax. Parcels-post packages subject to, 4—17. State banks. ( See Clearing system.) State banks. Membership, 1—15. (See State banks.) Statement, weekly, new form of, 3 —506. Statements. ( See infra, Uniform statements.) States, taxation. National banks can not deduct value of stock in Federal Reserve Banks to avoid taxation of their stockholders on value of their stock, 1—315; 3 —955. Stock certificates. (See Tax.) Surplus profits, 4—593. (See same, principal heading.) Surplus, reduction of. Need not order reduction of capital stock in, because of reduction of sur¬ plus, 1—218. Surrender of stock. (See supra, Surplus.) Tax— Capital stock. (See same.) Federal Reserve Banks pay no tax on charges for currency shipments absorbed by them, 4:— 1215. Franchise. (See same, principal heading.) Parcels-post packages subject to, 4 —17. State. Exemption from taxation of, 1—13. Ten per cent limitation. (See Discounts; Limitation; Rediscounts; Ten per cent limitation.) Tenure of office, annual, officers and employees, 2—13, 64. Trade acceptances. (See Acceptances.) Uniform statements between, 1—15. United States bonds— May purchase, in open market free from limita¬ tions of section 18, 1—268. ( See United States bonds, principal heading.) United States one-year Treasury notes. (See same, principal heading.) United States Revised Statutes, section 5198. Pro¬ visions of, limiting loan rates of national banks by the law of the State, do not apply to, 1—24. (See Ten per cent limitation; United States Revised Statutes, section 5200.) United States securities. (See same, principal head¬ ing-) United States subtreasuries— Secretary of Treasury opposes abolishment of, 3—110. United States Bureau of Efficiency recommends , abolishment of, 4—172. [The act of May 29, 1920, abolishes, from and after July 1, 1921, and authorizes the Secre¬ tary of the Treasury to transfer all their func¬ tions to the Federal Reserve Banks.] United States Treasury certificates— Federal Reserve Banks take entire issue, 50 mil¬ lions, of 2 per cent, 3 —240, 337. ( See United States Treasury certificates.) FEDERAL RESERVE BANKS— Continued. Value of national bank stock. Value of stock in Federal Reserve Banks may be included by State in taxing shares in national banks on stockholders, 1—315; 3—955. Victory loan. Will be relieved of war paper eight or nine months after conclusion of, 5—310. Virgin Islands. (See same.) War— Discount rates during, 5—943. Preparation for, 3—335. (See War.) War Finance Corporation has no jurisdiction over, 4—1216. War paper— Discounts of, 1917-1919, 5—428. Holdings, 5—306; 6—1124. Comparison, 1914 and 1919, 5—771. Relieved of, eight or nine months after conclusion of Victory loan, 5—310.) (See supra, Member banks collateral notes.) (See Preferential rates; War paper, principal head¬ ing-) Weekly statement— New form, 3—506. Rediscounts between Federal Reserve Banks to appear in, 5—310. (See also Acceptances; Agricultural paper; Annual election; Attorney General of United States; Bills of exchange; Checks; Commercial paper; Cotton; Cotton factors paper; Directors; Discounts; Fed¬ eral Advisory Council; Federal Reserve exchange drafts; Federal Reserve transfer drafts; Law De¬ partment; Opinions of counsel; Rediscounts; Rul¬ ings, Federal Reserve Board; Salaries; Tennessee; United States bonds; United States one-year notes; United States Treasury notes.) FEDERAL RESERVE BOARD. Acceptance credits. Foreign, 2—587. Acceptances— Food products. Control of, 4—255. One hundred per cent. (See Acceptances, prin¬ cipal heading.) Own. Purchase of, 4—257. (See Acceptances, principal heading.) Policy, 4—257 ; 5—309. Relaxation during war, 5—309. Renewal, policy, 4—257; 5—309. Accounts, uniform, 3—270. Adelson, L. C., appointed assistant secretary, 4—365. Agricultural paper. Limit fixed at 99 per cent, 2—68. Alien enemies. (See infra, Enemies.) Allen, S. P. Resigns as assistant secretary, 4—365. Allies, future loans to, 4—1166. Allotment. (See United States bonds.) Ally of enemy. (See infra, Enemies.) Amendment, section 10 Two-year limitation, 5—21 Amendments favored by. (See Amendments, Fed¬ eral Reserve Act; Federal Reserve Act, amend¬ ments.) American Bankers’ Association— Hearing, 2—6, 262. Conference, Committee of Five. Exchange charge, 4—962. Ann ual report, 4—69 , 79; o—529. 100 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. FEDERAL RESERVE BOARD—Continued. Appeals. ( See Redistricting.) Architect, consulting, 5—313. Assessments on Federal Reserve Banks, 1—118, 307; 2—7, 8, 318. 319; 3—23, 24, 525, 526; 4—24, 608; 5—130, 722; 6—132, 828. Associations, export. Against Government participa¬ tion in, 5—611. Attorney General of United States— No power to abolish districts or Federal Reserve Banks. 1—396. Nor to change location of Federal Reserve Banks, 2— 207. Bank clerks. Status under draft laws, 4 —957. Bank deposits. ( See infra, Guaranty.) Bank loans— Classification of, 4—261. Conservation of, 4—935. (,See infra, Conservation.) Bank profits, inquiry as to. from foreign exchange, 4— 626, 627, 833, 834,835. Bankers’ meetings. Members attend, 2—261, 309, 510. Banking laws— Classification of, 4—260. ( See State banks; Laws of States.) British exchequer notes— Caution against over investment in, 2-661; 3—2, 82, 236, 239. Subsequent placing of 150 millions approved as not inconsistent with previous caution, 3— 653. Broderick, J. A., appointed secretary, 4—817. Call money rates. To Senate in response to resolu¬ tion, 6—345, 368. Canners. Credits to, 4—607. Capital Issues Committee— Statement as to voluntary committee, 4—77. Report of, to Federal Reserve Board, 4—696, 704_ Resolution, Federal Reserve Board, 4—697. ( See same, principal heading.) Capital stock. May approve action of Federal Re¬ serve Banks in not ordering reduction of capital stock, because of reduction of surplus, 1—218. (See Capital stock.) Chapman, W. T. Resignation as secretary, 6—1134. Circulars. (See same.) Classification— Bank laws, 4—620. Bank loans, 4—261. (See Classification; State banks; Laws of States.) Clayton act. (See same.) Clearing-house balances. (See same.) Clearing-house bank debits. New statement as to, 4—809, 821. (See Clearing-house debit statements.) Clerks. (See supra, Bank clerks.) Coin and bullion. (See same, principal heading; Executive orders; President; Gold; Proclama¬ tions.) Committees of— List, 1—77, 400; 2—448. Report on redistricting, 1—407. (See Redistricting.) FEDERAL RESERVE BOARD—Continued. Commercial paper— Short term favored, 3—733. Four months favored for member banks, 3 —739. (See same, principal heading.) Commodity paper— Special rates, statement, 1—301. (See same, principal heading.) Conferences—* Acceptance credits, 6—559. Clearing-house representatives. Interest rates, 6—3, 157. (See Federal Advisory Council; Federal Reserve Agents; Governors.) Cotton. 4 —691. Congress. Reports to. (See Congress.) (See Conferences, principal heading.) Conservation— Bank loans, 4—935. Capital, 4—73. Credits, 4—2, 249, 260, 685, 688, 741, 924, 1046, 1163. Gold, 4 —3, 694. (See Credit.) Consulting Architect. Appointment of, 5 —313. Cotton conference, 4 —691. Cotton. Hoarding of; warning, 5—1109. (See Cotton.) Coupons, for foreign account, 4 —172. Credit expansion, 4 —1048. Credits— Conservation of, 4 —2, 249, 260, 685, 688, 741 , 924. 1046. 1163. Crop moving, 6—1012, 1016, 1124. (See Credit, principal heading.) Credits, long-term. A capital and not a banking problem, 5—611. Credits for canners, 4—606. Curtailment. (See supra, Conservation.) Debits, clearing-house bank. New statement as to, 4—809, 821. (See Clearing-house debit statements.) Delano, F. A., resigns as member, 4—587, 697. Depositors— Withdrawals by foreign, 3—154, 340. Returned, 5—102, 205, 616. Deposits, bank. (See Guaranty; Interest.) Digest of rulings of Council, 4—571. Disbursements. ( See Receipts and disbursements.) Discount policy— During war, 4—1175. (See War.) Reply to Senate resolution, 6—558, 582. (See Federal Advisory Council.) (See infra, Policy.) Discount rates— Effective control through, only at end of 1916 and first quarter of 1917, 5—2. Policy still governed by Treasury needs, 5—196. Speculative activity can not be checked by, while preferential rates on war paper con¬ tinue, 5—524. (See Discount rates, principal heading.) INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. 101 FEDERAL RESERVE BOARD —Continued. Districts. ( See Redistricting.) Draft exemption, employees, 3—591. Draft law. Status of bank clerks under, 4 —957. Drafts, rupee. Will furnish, 3—924. Eddy, W. L., appointed assistant secretary, 6—1134. Edge Act. Regulations, 6—379, 1190. ( See Edge Act.) Elliott, M. C.— Resigns as general counsel, 5—201. Appointed special counsel, 5—201. Embargo, gold— Removed, June 9, 1919, 5—615. Ruble notes excepted, 5—615. ( See Foreign exchange.) Emerson, R. G.— Appointed assistant secretary, 5—918. Appointed assistant to governor, 6—1134. Employees— 1914-1919, 5—778. Draft exemption, 3—591. Enemies, alien. Dealings with, 3—431, 655. (, See Alien enemies.) Essential loans. Have not defined, 6—904, 927. Examinations— Forms. State bank officers should use forms of Federal Reserve Examination Division, 4— 310. State member banks, 4 —1079. Excessive rediscounts. (/See infra., Rediscounts.) Exchange charges— Interpretation of Hardwick amendment, 3—661. (See Clearing system; Exchange charges.) Exchange. Lira. Suspension of restrictions on, 5— 311. Executive secretary. Hoxton, W. W., appointed, 5—918. Expansion. Federal Reserve notes and. Gov. Hard¬ ing, 5—699. Expansion of Federal Reserve notes, 4 —927, 1046, 1047, 1167, 1170. Expansion of prices and credit, 4 —1048. Expenditures, 1918, 4 —24, 608. (See Earnings and expenses.) Expenses. (See Assessment; Earnings and expenses.) Export associations. Against Government participa¬ tion in, 5—611. Export licenses. (See infra, Gold.) Exportation of gold. (See infra, gold.) Federal Advisory Council. (See same; Conferences, principal heading.) Federal Reserve Agents— To report as to use of rediscounts by member banks, 5—617. Warning to, against loans for speculative uses, 5—1108. (See Speculative purposes.) (See Federal Reserve Agents, principal heading; Conferences, principal heading.) Federal Reserve Bank notes. (See same, principal heading.) Federal Reserve Banks— No power to abolish, 1—396; 2—20,25. No power to change location of, 2—207. FEDERAL RESERVE BOARD—Continued. Federal Reserve Banks—Continued. Liberty loans, and, 4 —587. Officers, duties, 4 —373. (See Federal Reserve Banks.) Federal Reserve districts. Can not reduce number of, 2—20, 25, 207. Federal Reserve exchange and transfer drafts— Approval of plan for, 3—78, 347. Limit raised from $250 to $5,000, 4 —806. Federal Reserve notes. Expansion of, 4 —927, 1047, 1168, 1170. Federal Reserve notes and expansion. Gov. Harding, 5—699. Federal Reserve System. Strength of, 4 —1168. Federal Trade Commission. Accounting plan. Co¬ operation with, 3—21, 270. Fiduciary powers. (See Fiduciary powers, principal heading.) Financial conference— With Class A directors and Federal Advisory Council, 6—566. Gov. Harding. Address, 6—579. Recommendation to Interstate Commerce Com¬ mission and United States Shipping Board, 6—581. Report, 6—581. Resolutions, 6—5S1. Food products. Control over acceptances to finance, 4—255. Foreign acceptance credits. Gov. Harding, 2—587. Foreign branches. Opposes suggestion of Secretary of Treasury favoring, of Federal Reserve Banks, in South America, 1—348. Foreign exchange— Bank profits from, 4 —626, 627, 833, 834. Control of. (See Coin and bullion, principal heading; Executive orders, principal heading; President, principal heading; Proclamation, principal heading.) Rupee exchange, 4— -625. Foreign exchange adviser, Kent, F. I., appointed, 4—11. Foreign exchange bank. Governor Harding opposes, 4—724. Foreign Exchange Division. Rulings, 4 —864, 973, 1121, 1217; 5—469, 652. Foreign Government obligations. (See British ex¬ chequer notes.) Foreign payments. Regulations, War Trade Board, 4 —625. Foreign trade, restriction of, 4 - —1053. Free gold market, 4—1165. (See Gold.) Funds. (See infra, Transfer of funds.) General counsel— Elliott, M. C., resigns as, 5—201. Harrison, G. L.— Appointed, 5—201. Resigns, 6—782. Logan, W. S., appointed, 6—782. Gold- Conservation of, 4 —3, 694. (See Conservation.) Embargo removed, June 9, 1919, 5—615. 102 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. FEDERAL RESERVE BOARD—Continued. Gold—Continued. Exports— Control vested in Board by President, 4—23, 81, 499. Licenses granted, 4—76, 365, 499, 501, 807. Abrogated, 5—615, 653, 853. Regulations, 4:—500, 594. Secretary of Treasury asks Board to scrutinize, 3—655. Free gold market, 4—1165. Spain, licenses granted for exports to, 4 —365. Supply, adjustment of, 4 —1165. ( See Gold.) Government aid to export associations opposed, 5—611. Governor. Gov. Harding redesignated until August 10, 1922, 6—782. (See Governor.) Governor, Vice. Edmund Platt designated as vice governor until August 10, 1922 , 6—782. Governors. (See Conferences, principal heading.) Guaranty of bank deposits— No plans for, 1—51. Board opposes, 4 —595. Harding, Gov., changes dews on, 4 —596. Hamlin, C. S., appointed for ten-year term, 2—437. Harding, Gov.— Discount policy during war, 4—1175. Federal Reserve notes and expansion, 5— 699. Foreign acceptance credits, 2—587. Governor. Designated as, 2—437 ; 3—659 ; 4 — 810; 5—821; 6—782. Guaranty of bank deposits. Changes attitude on, 4—596. (See Harding, Gov., principal heading.) Hardwick amendment. Interpretation of, 3—660. Harrison, G. L.— Appointed general counsel, 5—201. Resignation as, 6-—782. Herson, J. F., appointed chief, Division of Examina¬ tion, 6—1134. Hoarding of cotton. Warning against, 5—1109. (See Cotton.) Hoxton, W. W.— Appointed executive secretary, 4 —918. Appointed secretary, 6—1134. Index numbers. Difference between, of Federal Re¬ serve Board and United States Bureau of Labor Statistics, 6—1211. Ineligibility. Two-year, section 10. Amendment, 5—21. Inflation. (See supra, Expansion.) Interdistrict time schedule. Approvals, 6—746, 987. Interest on bank deposits. (See Interest, principal heading.) Investments in foreign obligations, 2—661; 3—2, 82, 236, 239. (See supra, British exchequer notes.) Kent, F. I., appointed foreign exchange adviser, 4 — 11 . Liberty loans— Assistance to, 3—497. Liberty Loan III and Federal Reserve Banks, 4—587. (See Liberty loans.) FEDERAL RESERVE BOARD—Continued. Library of. Books received, 6—834. Licenses. (See supra, Export licenses; Gold.) Limitation. Two-year, section 10. Amendment, 5—21. Liquidation, 4—1164. liquidity. (See supra, British exchequer notes.) lira exchange, 4—624. Restrictions on, suspended, 5—311. (See Institute of exchange, principal heading.) Loans, bank—■ Classification of bank, 4—261. Conservation of, 4—935. Loans to Allies, future, 4—1166. (See Allied powers.) Logan, W. S. Appointed general counsel, 6—782. Long-term credits. A capital rather than a banking problem. Policy, 5—611. McAdoo, Secretary. Resolutions on resignation of, 4— 1173. Member bank condition statements. ( See same, prin¬ cipal heading.) Member banks— Ruling as to political and public officers does not apply to, 2—168. Transfer of, under redistricting, decisions, 1—142. (See Redistricting.) Moehlenpah, H. A.— Appointed member of, 5—918. Retirement of, 6—911. National Association of Credit Men. Cooperation with. Statistics as to collection conditions, 5— 547. National banks. Joint stock ownership in foreign banking corporations not permitted, 1—308. (See supra, Member banks.) Neutral countries. (See infra, Transfer of funds.) Nonmember banks. Rediscounting privileges, 3— 426, 430. (See Discounts, Nonmember banks.) Oklahoma branch. (See Branch banks.) Paddock, W. W.— Appointed chief of Division of Operations and Examinations, 5—919. Resignation as, 6—1134. Platt, Edmund— Appointed a member of, 6—566. Designated Vice Governor, 6—782. Policy of— Acceptances, 4—257 ; 5—309. (See Acceptances.) Discount rates, 6—558, 582. Placing of Government securities, 3—424. Still governed by Treasury necessities, 5— 196. Long-term credits, 5—611. Renewal acceptances, 4—257; 5—309. War paper, 4—1175. (See supra, Discount rates.) Political and public offices— Ruling as to, does not apply to national banks, 2—168. Resignations of directors of Federal Reserve Banks, 6—10. I INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. 103 FEDERAL RESERVE BOARD— Continued. Power. No power to abolish districts nor Federal Reserve Banks, nor to change their location, 1— 396; 2—20, 25, 207. Preferential discount rates. ( See infra, War paper.) President of United States. Appeal to State banks to join Federal Reserve System, 3—827. Press statements. ( See infra, Statements.) Price expansion, 4—1048. (See Expansion; Inflation.) Prices— Credit currency, and, 4—486. Wages and, 4—1170. Wheat, guaranty of, 4—1088. Wholesale. (See Prices.) Production—■ Restriction of, 4—1052. (See supra, Conservation.) Profits, bank, inquiry as to, from foreign exchange transactions, 4—626, 627 , 833 , 834. Rationing of industry, 4—923. (See supra, Conservation.) Receipts and expenditures. 1—176, 331, 349; 2—7, 8, 54, 55, 318, 319 ; 3—23, 24, 87, 88, 525, 526; 4—24, 608 ; 5—132, 722, 724; 6—132,136, 726, 828. (See Earnings.) Reconstruction, 4—1173. Rediscounts— Excessive, 4—1169; 5—311, 523, 617, 1010, 1015, 1107. (See Profit.) Federal Reserve Agents to report on uses of, by member banks, 5—617. Warning against, for speculative purposes. (See supra, Excessive.) Redistricting. (See same, principal heading.) Reduction of surplus. (See supra, Capital stock.) Regrouping of banks, 4—1055. Regulations— Foreign exchange transactions, 4—622. Foreign payments, 4—625. Gold licenses, 4—500, 594. (See supra, Gold.) (See Circulars and regulations.) Renewal acceptances— Approval, 1—312. Opposed, 4—259. War policy, 5—309. (See Acceptances; Renewal.) Report, Annual— 1917, 4—69, 79. 1918, 5—529. Report, British currency, 4—1166, 1178. Reserves— Equalization of, by rediscounts, 4—361. New York outlying districts, 4—1086. Outlying districts, 4—1055, 1124. Ruling on amendment, 2—508. Resolutions— Delano, F. A., 4—697. McAdoo, W. G., 4—1173. Warburg, P. M., 4—810. (See Statements.) FEDERAL RESERVE BOARD— Continued. Restriction of production, 4—1052. (See supra, Conservation.) Ruble notes excepted from embargo repeal, 5—615. Rulings of— Digest, 4—571. (See various headings of this digest.) Rupee drafts. Will furnish, 3—924. Rupee exchange, 4—625. Salaries. (See same, principal heading.) Saving, necessity for, 4—485, 1047. (See supra, Conservation.) Secretary of Federal Reserve Board. Chapman, W. T., resigns; Hoxton, W. W., appointed, 6—1134. Secretary of Treasury— Asks Board to scrutinize gold exports, 3—655. Board opposes foreign branches, Federal Reserve Banks, suggested by, 1—348. Delegates export licenses for coin, bullion, etc., to, 4—23, 81. Section 18, Federal Reserve Act. (See United States bonds.) Senate, United States. (See supra, Congress.) Speculative activity. Can not be checked by dis¬ count rates while preferential rates on war paper continue, 5-—524. Speculative rediscounts. Member banks, 4—1169; 5—311, 524, 617, 1009, 1015, 1107. Staff of, 1—30. Standing committees. (See Committees.) State bank examiners should use forms of Federal Reserve Board Examination Division, 4-—310. State banks— Examination of member, 4—1079. No coercion upon, to join Federal Reserve clear¬ ing system, 6—489. President urges, to join Federal Reserve System. 3—827. Statements of Federal Reserve Board— Acceptances. Policy, 4—257; 5—309. Accounts, uniform, 3—270. Alien enemies, 3—431, 655. Anonymous circular, 2—53. Bankers’ acceptances, 1-—312. British exchequer notes. Warning against over¬ investment in, 2—661; 3—-2, 82, 236, 239. Capital Issues Committee, voluntary, 4—77, 696. Clearing-house bank debits, 4—809, 821. Clearing system. Interdistrict, 2r —259. Commodity paper, 1—312. Conservation of credits, 4-—2, 249, 260, 685, 688, 741, 802, 924, 1046, 1163. Conservation of gold, 4—3, 694. Credits to canners, 4—607. Crop movements, 1—258. Deposits. Withdrawals by foreign depositors, 3—154, 5—102, 197, 205. Directors, election of, 1>—407. Discount rates. Lower, 1—47. (See Discount rates.) Export of coin, bullion, etc., 3—739. (See Gold.) Federal Reserve Act. The farmer and, 2—442. Federal Reserve note policy, 2—512. 104 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. FEDERAL RESERVE BOARD—Continued. Statements of Federal Reserve Board—Continued. Federal Reserve notes and currency expansion, 5—699. Federal Reserve notes in lieu of emergency cur¬ rency, 1—47, 50. Fiduciary powers. (Set Fiduciary powers, prin¬ cipal heading.) Foreign depositors. Withdrawals by, 3-—154, 155, 340; 5—102, 205, 616. Gold settlement fund. ( See same.) Guaranty of bank deposits, 1-—51; 4'—595, 596. Hardwick amendment, 3'—660,662. Interest on bank deposits. (See Interest.) Intradistrict clearing system, 1-—48. (See Clearing system, principal heading.) Kern amendment. Applications, 2—514. Member banks condition statement, 4—61, 62. National bank examiner. (.See same.) North Carolina bankers. Message to, 3'—159. Paish Financial Commission, 1-—50. Pennsylvania escheat law, 2—115,121. (See same.) Rediscount privileges. (See Rediscounts.) Redistricting appeals, 1-—407; 2—169. (See Redistricting.) Reserve situation, 2-—664 ; 3—847; 4 —768; 5— 1009,1106; 6—1263. (See Reserves.) Resignations, 4-—697, 810, 1173, Rupee drafts, 3—924. (See Rupees.) Services for member banks, 1-—346. Staff salaries, 1—30. State banks-— No coercion on, to join clearing system, 6—489. President urges, to join Federal Reserve Sys¬ tem, 3-—287. (See State banks, etc.) State legislation. No interference with, 2-—121. Suit to test validity of clearing system, 2-—374. (See Clearing system.) Trade acceptances, 1—259. (See Trade acceptances.) Unified banking system, 1—48. United States bonds— Effect of issue of 3J per cent bonds on 3 per cent bonds, 3-—341, 342. Policy of placing, 3-—424. Purchase of, under section 18, 2—156, 316, 512; 3—5. (See United States bonds.) United States Treasury certificates. (See same.) War paper, 3—425, 429, 430. (See War paper.) Warehouse facilities, 1—258. (See also Comptroller; Federal Advisory Council; Secretary of Treasury.) Strauss, Albert— Assumes duties as a member of, 4 - —1056. Leave of absence granted to represent United States Treasury at Paris, 5-—108. Resignation as member of, 6-—348. FEDERAL RESERVE BOARD—Continued. Surplus, reduction of. (See supra, Capital stock.) Surrender of stock. (See supra, Capital stock.) Taxation, system of, 4-—487. Trade acceptances. Approved form of, 1—259, 4—636. Transfer of funds to neutral countries, 3—655. Trust powers. (See Fiduciary powers.) Two-year limitation. Employment by member banks. Amendment, 5—21. Unified banking system, 1—48. United States bonds— Effect of issue of 3£ per cent on 3 per cent, 3—341, 342. Policy of placing, 3—424. Purchase of, under section 18. (See United States bonds.) United States securities. Placing of. Policy, 3—424. United States Senate. (See Congress.) United States Treasury and, 6—213. United States Treasury certificates— Banks to set aside weekly 1 per cent of resources from, 4—260. Distribution of, 4—72. (See United States Treasury certificates.) War. Discount policy during, 4—1175. War paper. Preferential rates on, prevent control of speculative activity through discount rates, 4—1169; 5—311, 524, 617, 1010, 1015, 1107. (See Speculative activity.) Warburg, P. M.— Redesignated as vice governor, 2—437; 3—659. Retirement from Federal Reserve Board; resolu¬ tion, 4—810. Warehouse facilities, 1—258. Warning to investors. (See British exchequer notes.) Willis, H. P. Resigns as secretary, 4—810, 817. Wills, D. C. Appointed as member of, 6—1019. Work of. (See Review of month.) FEDERAL RESERVE BRANCH CITIES. (See Federal Reserve Banks and branch cities.) FEDERAL RESERVE BULLETIN. 1915— May, 1—1; June, 1—65; July, 1—115; Aug., 1—173; Sept., 1—249; Oct., 1—297; Nov., 1— 345; Dec., 1—393. 1916— Jan., 2—1; Feb., 2—51; Mar., 2—99; Apr., 2— 151; May, 2—205; June, 2—261; July, 2—309; Aug., 2—371; Sept., 2—437; Oct., 2— 607; Nov., 2—587; Dec., 2—661. 1917— Jan., 3—1; Feb., 3—75; Mar., 3—153; Apr., 3— 235; May, 3—335; June, 3—423; July, 3—497; Aug., 3—577; Sept., 3—651; Oct., 3— 729; Nov., 3—827; Dec., 3—917. 1918— Jan., 4—1; Feb., 4—69; Mar., 4—153; Apr., 4— 247; May, 4—359; June, 4—483; July, 4—587; Aug., 4—685; Sept., 4—801; Oct., 4— 921; Nov., 4—1045; Dec., 4r-U63. 1919— Jan., 5—1; Feb., 5—99; Mar., 5—189; Apr., 5— 303; May, 5—407; June, 5—521; July, 5—611; Aug., 5—699; Sept., 5—813; Oct., 5—909; Nov., 5—1009; Dec., 5—1105. INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. 105 FEDERAL RESERVE BULLETIN— Continued. 1920— Jan., 6—1; Feb., 6—113; Mar., 6—213; Apr., 6—339; May, 6—445; June, 6—553; July, 6—661; Aug., 6—679; Sept., 6—897; Oct., 6—1011; Nov., 6—1123; Dec., 6—1253. Bound copies of, 2—53. Copies of 1916 Bulletins for sale, 3 —158. Cost to directors, 2—52. Demand for back numbers, 2—107. Elimination of certain statistical tables, 4 —1142. January number, 1916, exhausted, 2—215. Two editions arranged for future, 6—672. FEDERAL RESERVE CITIES. Board can not change location of, 2—207. FEDERAL RESERVE CLEARING SYSTEM. ( See Clearing system.) FEDERAL RESERVE DISTRICTS. Agricultural acreage and production by, 5—737, 962. Bank failures by. ( See Bank failures.) Capital Issues Committee. Committees of, by, 4 — 167. Changes in lines of. ( See Redistricting.) Classification of loans and discounts by, 6—1107. Clearing members by, 4—75. Deposit of public moneys by, 3 —435. Employees of Federal Reserve Banks and Federal Re¬ serve Board by, 5—778. Federal Reserve Board has no power to reduce num¬ ber of, or change location, 1—396; 2—20, 207. Cotton. J. P., special counsel, contra, 2—25. (See Redistricting.) Liberty loan committees by, 3 —437. Liberty loans— Allotment by, 5—787. Subscriptions by, 3 —506; 4—484, 509, 1045,1173; 5—521. Member banks— Condition by. (See Member banks.) List by. (See Member banks.) Rediscounts of. (See Member banks.) Retail trade. Condition, by, 6—1066. State member banks— Condition, by districts, 6—1007. (See State banks, etc.) Resources, by. (See State banks.) (See Redistricting.) FEDERAL RESERVE DRAFTS. (1) Exchange drafts drawn on own bank— Forms, 3—347, 348, 349. Immediately available at par at any Federal Re¬ serve Bank, but actually payable only at Federal Reserve Bank on which drawn— Limited to sums not in excess of $250, 3 —348. Increased to $5,000, 4 —806, 819. Postponement to June 1, 1917, 3 —440. Progress, 3—591. Report of representatives of Federal Reserve Banks approved by Federal Reserve Board, 4—819. (2) Transfer drafts drawn on own bank— Payable on advice of drawee at any Federal Re¬ serve Bank specified in draft, 3 —348. FEDERAL RESERVE DRAFTS—Continued. (2) Transfer drafts drawn on own bank—Continued. To be drawn only in amounts over $250, 3—348. Advice by mail to own Federal Reserve Bank, 3—348. Duplicate by mail to Federal Reserve Bank at which payable, 3—348. Drawee Federal Reserve Bank to wire Federal Reserve Bank at which payable, 3—348. Postponement to June 1, 1917, 3—440. Progress, 3—591. FEDERAL RESERVE EXAMINERS. Herson, J. F., eastern district, 5—919. Appointed chief examiner, 6—1134. Will, J. A., western district, 5—919. (See Federal Reserve examiner.) FEDERAL RESERVE EXCHANGE DRAFTS. (See Federal Reserve drafts.) FEDERAL RESERVE LIBRARY. Books received, 6—946. (See Library.) FEDERAL RESERVE NOTE AND NET DEPOSIT LIABILITIES. Fiscal year, 1920, 6—724, 725. (See Federal Reserve notes.) FEDERAL RESERVE NOTES. Absorption of cost of shipment. (See infra, Cost.) Accounts— Separation of Federal Reserve note accounts, 1—14. (See Federal Reserve Agents; Accounts, princi¬ pal heading.) Accounts. Note. (See Federal Reserve Agents; Ac¬ counts.) Amendment, section 16- Issue against gold, 2—325, 441; 3—98, 503. Large denominations, 4—948. (See Amendments, principal heading.) Amount per capita in circulation. (See Money, prin¬ cipal heading.) Assistant Treasurer of United States. (See infra, Cost; Redemption; Unfit notes.) Certificates, gold. (See infra, Gold certificates.) Charts— Circulation— 1917, 3—849; 4—130, 132. 1917-1919, 5—1044, 1045, 1046. By geographical districts, 5—1043, 1044. Gold cover, 1917, 4—130, 132. Movement of, 1917, 3—849. Circulation. In, 1—341, 388, 429; 2^7, 94, 145, 199, 254, 303, 366, 428, 501, 581, 652, 722; 3—69, 147, 228, 324, 418, 492, 572, 647, 725, 822, 912, 985; 4r— 60, 145, 146, 236, 350, 471, 562, 675, 769, 785, 795, 905, 915, 927, 1033, 1042,1151,1160, 1247, 1253; 5— 65, 67, 137, 670, 773, 767, 838, 1043, 1044, 1045, 1046; 6—100, 200, 317, 425, 540, 649, 751, 880, 993, 1111, 1240, 1356. Decrease in, 5—139. Increase in, 1917, 1918, 4—130, 912, 927. Price changes. Comparison with, 1914-1919, 5— 838. Reduction in. Would affect retail but not whole¬ sale prices, 5—913. Volume of, and price inflation, 5—699, 813, 913. (See Money, principal heading.) 106 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. FEDERAL RESERVE NOTES—Continued. Collateral for— Acceptances indorsed by member banks of othei districts, 1—98, 99. Amendment. Issue against gold, 2—235,441; 3— 98, 503. Federal Reserve Agents. Holdings o:, 3—610. Gold cover, 1917, 3—233, 610; 4—130, 132. Gold holdings, 1914-1916, 3—233, 610. Indorsement of— To Federal Reserve Agent, 1—363. To Federal Reserve Banks, 3—351. Issue to full amount of, 2—272, 456. Substitution of, 3—351. United States obligations. Paper for carrying or trading in, good collateral for, 3—459. Collection. Federal Reserve Agents may indorse, for collection by Federal Reserve Banks as his agent. Rider may be attached as notice, 3—351. Cost— Increased, printing, 3—743. Chargeable to current expense account, 2—12; 5—26. Issued and unissued Federal Reserve notes, 2— 58, 59, 219, 387, 595; 3—93, 135, 609; 4—104; 5—132, 133, 135, 723; 6—134, 830. ( See Federal Reserve Agents.) Of transportation, 1—306. Absorbed by Federal Reserve Banks, 4—931. On notes returned from Treasury or other Federal Reserve Banks for redemption to be paid by Federal Reserve Banks issuing, 2—71, 111. Regulation O, amended, 2—111. Shipment of, for clearings paid by Federal Reserve Banks, 2—314. Unfit notes— Federal Reserve Banks must pay cost of transportation of, returned to Comptroller for redemption, 2—71. Cost of unfit notes sent to Treasurer at Wash¬ ington charges collect, to be paid by Treasury, 3—242. Federal Reserve Banks to reimburse Treas¬ urer for cost of, sent to Washington for redemption by assistant treasurers, 5— 27, 28. Cover, gold— 1917, 3—610; 4—130, 132. 1914-1916, 3—233. Credit or redemption, returned for, 1—276, 351; 2— 258, 435, 657; 3-^20, 648, 667, 914, 941; 4—147, 472, 786, 1153; 5—139, 176, 504, 802, 1094; 6— 202, 542, 881, 1241. (See infra, Interdistrict movement of.) Credits. High prices and, exercise a controlling influence over expansion of, 5—912. Crop moving. Increased issue for, 5—912. Currency expansion and, 5—699. Current expense account. Cost of, charged to, 2— 12; 5—26. Decrease in circulation, 5—139. Denominations, large, 4—948. Denominations. Outstanding. ( See Money.) Distribution to mints and subtreasuries expedited, 3— 155, 237. FEDERAL RESERVE NOTES—Continued. Eligible collateral. ( See Collateral.) Emblem of, can not be placed upon bank stationery without consent of Secretary of Treasury, 3—194. Emergency currency issued in lieu of, 1—50. Expansion of— Expansion of, but no inflation. Tables, 2—212. Real test is volume of deposits and Federal Reserve notes. By this test there is no inflation, 5—103. Federal Reserve notes and currency expansion, 5—699. The effect and not the cause of high prices, 5—813. Credits and general prices exercise a fundamental influence over, 5—912. Caused by seasonal requirements as to short periods, 5—912. Follows but does not precede price changes, 5—913. Federal Advisory Council. After-war policy as to issue of, 4—1177. Federal Reserve Bank notes. Difference between, and Federal Reserve notes, 2—273. Federal Reserve Banks— Cost of transportation of— To pay, for clearing, 2—314. To absorb, 4—931. To reimburse Treasurer of United States for, of notes forwarded to Washington for redemption bv assistant treasurers, 5—27 28. Holdings of Federal Reserve notes by. (See Money, principal heading.) Fiscal year 1920, 6—724, 725. Franking privilege not allowed in connection with, 1—355. Gold. Issue of Federal Reserve notes against, 2—235, 441; 3—98, 503. Gold certificates. Issue of Federal Reserve notes favored in lieu of, gold certificates, 2—512; 5—102. Gold cover for— 1914-1916, 3—233. 1917, 3—610. Chart, 4—130, 132. Gold settlement fund— Federal Reserve Agent may deposit in, gold re¬ ceived in reduction of liability on, 1—273. (See Gold settlement fund, principal heading.) Hoarded Federal Reserve notes returned to banks, 5— 102, 197, 205. Increase in circulation, 2—212; 4—130, 927; 5—912; 6— 904. Indorsement of collateral for, 1—363; 3—351. Inflation— None. Merely expansion. Tables, 2—212. By test of deposit and note liabilities there has been no, 5—103. (See supra, Expansion.) Inflation of prices. Federal Reserve notes and, 5— 699, 813, 913. Insurance of unfit, 1—306. Interdistrict movement of, 1—351, 276; 2 —258, 435, 657; 3-420, 648, 667, 849, 914, 941; 4—147, 473, 787, 1153; 5—176, 504, 802, 1094 ; 6—202, 542, 732, 881, 1241. INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. 107 FEDERAL RESERVE NOTES—Continued. Interest. No, need be charged on, 2—272 , 273 , 456. Issue of— In lieu of United States notes and gold certifi¬ cates, 2—512; 5—102. Issue against gold, 2—325, 441; 3—98, 503. ( See Amendments, principal heading.) Issue of, and redemption, 6—732. Regulation O, 1—215; 2 —111. ( See infra, Redemption.) Issue of. Cost. ( See supra, Cost, issued and unissued.) Issue. Note issue capacity, 3—155. Joint custody of, 3—691. Liabilities, Federal Reserve note. ( See Resources and liabilities, principal heading.) Liability. ( See infra, Reduction of liability.) Liquidation of, 5—102, 103. Mails, United States. No franking privileges for, 1—355. Movement of, 1917. ( See supra, Interdistrict move¬ ment.) Note issue capacity, 3—155. Notice. ( See supra, Collateral.) Organization expense. Cost of, charged to, if defi¬ ciency in current earnings, 2—12. Outstanding, denominations. ( See Money.) Payment. Unfit notes, 1—306, 404. Per capita. ( See Money, principal heading.) Policy as to issue, after •war. Federal Advisory Council, 4 —1177. Power of attorney. Each Federal Reserve Bank to give to other a, to act as agent in forwarding its unfit notes to Treasurer for redemption, 3—82. Price charges. Circulation of Federal Reserve notes as compared with, 5—838. Prices— Volume of Federal Reserve notes and inflation of, 5—699, 813, 913. Expansion of Federal Reserve notes, the effect and not the cause of high, 5—813, 913. Movement of Federal Reserve notes and general, 1914-1919, 5—838. Reduction in circulation of Federal Reserve notes would affect retail but not wholesale, 5— 913. Credits and high, exercise fundamental influence over Federal Reserve notes, 5—912. Printing of, 1—50; 3—743. Redemption— Federal Reserve Agents returning notes of other Federal Reserve Banks to Treasury for, will be credited with amount and proper charge made against bank of issue. Can not charge account of issuing bank directly, 1—306. Notes sent to issuing bank for, to be at its cost. Regulation O amended, 2—111. Federal Reserve Banks may forward unfit notes of other Federal Reserve Banks direct to Treasurer for, 3—82. Fit notes should not be sent in for redemption, 4— 310. Federal Reserve Banks to reimburse Treasurer for cost of Federal Reserve notes forwarded to Washington for, by assistant treasurer, 6— 27, 28. FEDERAL RESERVE NOTES— Continued. Redemption—Continued. Federal Reserve notes are returned automatically for, when redundant, 5—813. ( See supra, Cost.) Redemption or credit. Returned for, 1—276, 351; 2—258, 435, 657; 3—420, 648, 667, 914, 941; 4— 147, 473, 787, 1153; 5—139, 176, 504, 802, 1094; 6—202, 542, 732, 881, 1241. (See supra, Interdistrict movement of.) Reduction of liability— Silver certificates may be accepted by Federal Reserve Agent, in, 1—127. Gold received by Federal Reserve Agent in, mav be deposited in gold settlement fund, 1—273. Regulation O, issue and redemption, 1—215. Amended. Notes may be sent for redemption to issuing bank at its expense, 2—-111. Regulations. Joint custody of, 3—691. Reserve money. Member State banks and trust companies maj count Federal Reserve notes as reserves if laws of State permit, 1—318. Reserves— Ratio of cash, to deposit and note liabilities, 5—64. (See Ratio.) Required reserves and excess reserves (free gold) against total liabilities, 5—136; 6—145, 725. Review, fiscal year 1920, 6—664. Rider. (See supra, Collateral.) Secretary of Treasury must consent before bank can use emblem of Federal Reserve notes on sta¬ tionery, 3—194. Section 16. Amendment. Federal Reserve notes against gold, 2—325; 3—98, 503. Separation of note accounts, 1—14. Shipment of— Federal Reserve Banks may forward unfit notes of other Federal Reserve Banks direct to Treasurer for redemption, 3—82. (See supra, Cost.) (See infra, Unfit notes.) Silver certificates. Federal Reserve Agents may receive, in reduction of liability on Federal Reserve notes, 1—127. State banks and trust companies may use Federal Reserve notes as lawful reserve if State laws permit, 1—318. Stock of. ( See Money.'l Substitution of collateral, 3—351. Tax. (See supra, Interest.) Test of inflation. Volume of deposits and Federal Reserve notes. By this test, no inflation, 5—103. Transportation, cost of. ( See supra, Cost.) Treasury, in. (See Money, principal heading.) Unfit notes— Insurance on, 1—306. Payment for, 1—306, 404. Cost of return to comptroller must be paid for just as an original issue, 2—71. Federal Reserve Banks may ship, of other Fed¬ eral Reserve Banks, direct to Treasurer for redemption, 3—82. Federal Reserve Banks may send, direct to Treas¬ urer, charges collect, '3—242. 108 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. FEDERAL RESERVE NOTES—Continued. Unfit notes—Continued. Federal Reserve Banks to reimburse Treasurer for cost of, forwarded to Washington for redemp¬ tion by assistant treasurers, 5—27, 28. Unissued Federal Reserve notes. Cost of, 4—104; 5 — 133, 135. United States Mint. ( See supra, Distribution.) United States notes. Board favors use of Federal Re¬ serve notes for crop-moving purposes in lieu of gold certificates and, 2—512. United States obligations. Paper for carrying or trad¬ ing in, eligible as collateral for Federal Reserve notes, 3—459. United States Subtreasuries. ( See supra, Distribu¬ tion.) War. Policy of Federal Reserve note issue after. Federal Advisory Council, 4 —1177. (See Money.) FEDERAL RESERVE PAR POINT MAP, 6—644. (See Maps.) FEDERAL RESERVE SYSTEM. Comparison of leading banks of issue with. (See Banks of issue.) Comparative statement— 1914-1918, 4 —1168. 1914-1919, 5—771. Financial review of, 5—3. (See infra, Review.) Growth of, 4 —3. Harding, Gov. War operations, 4 —1175. History of, 5—766. (See infra, Review.) Jones, Breckinridge. State banks and Federal Re¬ serve System, 4 —510. Member banks in, 5—84, 165, 279, 386, 388, 492, 589, 680, 779, 782, 790, 882, 987, 1081; 6—1346. (See Member banks.) 1914-1919, 5—779. New England, 4 —1081, 1082. Resources and liabilities, 4—798, 916, 917; 6— 729. National banks. Resources, 4—90; 5—782; 6—726. Peace problems of, 5—4. Private banks. Membership of, 3—693. Reasons for joining— Federal Reserve Bank of Boston, 4 —1081, 1082. Federal Reserve Bank of New York, 4 —615. (See infra, State banks.) Resources of. Seventy-five per cent of resources of all eligible banks in United States are in, 5—4. Review. Financial, 5—3. Review, statistical— 1914-1917, 1917-1919, 5—3, 766, 771. Fiscal year 1920, 6—662. (See supra, History.) Savings banks and, 5—50. State banks and trust companies— Admitted. (See State banks; Admission, princi¬ pal heading.) Admission, Pennsylvania law, 3—666. Examination of, 3—592. FEDERAL RESERVE SYSTEM—Continued. State banks and trust companies—Continued. Federal Reserve System and. Breckinridge Jones, 4—510. Questionnaire to, and replies, 3—355. Reasons for joining Federal Reserve System, 3— 356, 357, 358, 359, 360, 361, 362, 364, 365, 366, 367, 368, 369, 370, 371, 372, 596, 599, 667, 834, 836, 837. Resources of member, 3—829. Withdrawals from Federal Reserve System, 5— 649, 738, 855, 961, 1155; 6—159, 274, 383, 697, 1063, 1299. (See State banks, principal heading.) State laws, as to purchase of stock in, 1—218; 5—366, 566, 658, 741, 743, 744, 745, 967. Statistical review— 1914-1917, 1917-1919, 5—3, 766, 771. Fiscal year 1920, 6—662. War operations of. Gov. Harding, 4—1175. Withdrawals from. (See supra, State banks.) FEDERAL RESERVE TRANSFER DRAFTS. (See Federal Reserve drafts.) FEDERAL STOCK PUBLICITY ACT. Secretary of Treasury will prepare a bill to regulate stock and bond issues, 5—18. Capital Issues Committee prepares bill for Treasury, 5—193. Secretary of Treasury approves its general principles, 5—193. FEDERAL TRADE COMMISSION. Cooperation with Federal Reserve Board. Standard forms of credit statements, 3—21. Uniform accounts, 3—270. FEES. Attorneys— Negotiability of note not affected by provision calling for payment of costs of collection and, 2—226. Paid by Federal Reserve Banks, 5—132. Directors— Amendment to section 22, 3—100, 106. Paid by Federal Reserve Banks, 5—132. May receive extra fees for services as trustee under foreclosure proceedings, 5—253. Enemy owned patents, 4—87. Legal. (See supra, Attorneys.) National banks. Fees paid to directors by. Figures, 2—514. FERTILIZER NOTES. Farmers’ notes for commercial fertilizers held to be agricultural paper and eligible, 1—75. FIDUCIARY POWERS. (See also Opinions of counsel.) Abstract of title business, 6—385. Act September 26, 1918. Amendment. Text, 4—• 948. * Administration of trust department, 6—699. Administrator— New York banks can not act as, 3—30. (See infra, New York national banks.) Amendment suggested by Federal Reserve Board, 1—48. Act September 26, 1918. Text, 4 —948. Regulation, 4—1086, 1215. INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. 109 FIDUCIARY POWERS—Continued. Amendment suggested by Federal Reserve Board— Continued. Rulings, 5—362, 363. Statement of Federal Reserve Board, 4—10S6. Supplementary applications necessary, 4—1118. Applications— Recommendation of executive committee suf¬ ficient, 1—211. Supplementary, under amendment advisable, 4—1118. Applications granted, 1—31, 83, 144, 214, 272, 320, 367, 408; 2—14, 70, 122, 169, 225, 266, 328, 379, 447, 601, 671; 3—20, 115, 167, 267, 375, 440, 507, 604, 678, 746, 839, 941; 4—15, 80, 184, 296, 402, 492, 607, 742, 856, 967, 1100; 5—30, 127, 251, 359, 466, 563, 650, 739, 856, 960, 1052, 1155; 6—64, 161, 274, 384, 493, 60S, 698, 834, 946, 1063, 1174, 1300. Attorney General of Missouri. Superintendent of State banks must receive from national banks authorized to exercise, deposits of securities in same manner as from trust companies and with¬ out bond, 5—655. Attorney General of United States— New York banks can act as registrar but not as trustee, executor, or administrator, 4—12. (See infra, New York national banks.) Bank v. Fellows. ( See infra, United States Supreme Court.) Bills receivable. (See infra, Trust funds.) Bond. (See supra, Attorney General of Missouri.) Capital. Surplus is not, in construing capital limita¬ tions of State banks as to exercise of fiduciary powers under State laws, 4—1118. Circular 10. Regulation H, 1—42. (See Regulation.) Commercial Department. (See infra, Security; Trust funds.) Connecticut. Supreme court of. Decision on trust powers, 6—610. Constitutionality of section 11 (k)— Illinois Supreme Court, 2—28; 4—522, 524. Michigan Supreme Court, 3 —32, 254, 504, 534. (See United States Supreme Court.) Courts— State. Decisions on— Connecticut, 6—610. Illinois, 2—28; 4—522, 524. Michigan, 3 —32, 254, 504, 524. New York, 5—1059. Wisconsin. 6—700. United States Supreme Court. 3 —32, 254, 504, 524. Deposit of trust funds— Not necessary to deposit in another bank but should be segregated. Governed by law of State, 1—125. Subject to further regulations of Federal Reserve Board, 1—306. Executive committee may apply for permission to exercise. Action of full board not necessary, 1 — 211 . Executor— New York banks can not act as, 3—30. (See infra, New York national banks.) FIDUCIARY POWERS— Continued. Federal Reserve Board— Ruling as to amendment, 5—362, 363. Statement as to amendment, 4 —1086. (See Opinions of counsel.) Growth, New York banks, 5—4. Guardian- No power to act as, 1—269; 4—744. (See infra, New York national banks.) Hawaii, right of national banks in, to exercise, 5—366. Illinois—■ Lower court holds section 11 (k) unconstitu¬ tional, 2—28. Will follow decision of United States Supreme Court that section 11 (k) is constitutional, 4— 522, 524. (See United States Supreme Court.) Instructions, Federal Reserve Board, 1—33,34,125,308. Investment of trust funds— Funds should be segregated but need not be deposited in another bank, 1—125. National banks governed by law of State subject to future regulations of Federal Reserve Board, 1—306. Of trust funds not affected by provisions of national bank act or Federal Reserve Act, as to investment of own funds, 5—143. (See infra, Trust funds.) Kentucky. National banks not forbidden to exercise in, notwithstanding adverse opinion of attorney general of Kentucky, 2—678. Liberty bonds. (See infra, Security.) Michigan— Supreme Court holds section 11 (k) unconstitu¬ tional, 3—32, 254, 504, 534. (See United States Supreme Court.) Missouri— National banks authorized to exercise fiduciary powers in Missouri may use words “Trust Company” as part of its title, 6—197. (See supra, Attorney general of Missouri.) National Bank Act. (See infra, National banks.) National banks— Hawaii. Right to exercise in, 5—366. Investment of trust funds not affected by national bank act or Federal Reserve Act, provisions as to investment of own funds, 5—143. Must have capital prescribed by State laws, 5—53. State courts. Decisions, 2—28; 3—32, 254, 504, 534; 4—522,524; 5—1059; 6—610, 700. * State laws— Power of national banks to act under, 1—150; 2—523, 678; 3—30, 529, 697, 767. State can not refuse national banks when it grants right to competing State banks, 5—1059; 6—610. (See supra, Missouri.) (See infra, Section 24; Security.) New York national banks may act as registrar but not as trustee, executor, or administrator. At¬ torney General of U. S., 3—30; 4—12. Growth, 5—4. Exercise of, in New York, 5—-1059. Opinion of New York Supreme Court. National banks may exercise, in New York when State permits competing State institutions to act, 5— 1059. 110 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. FIDUCIARY POWERS—Continued. Nonfiduciary powers. Can not exercise, merely because State laws permit competing State banks to use them, 6—949. Oregon national banks not prohibited by laws of Oregon from exercising, although not expressly authorized by State law, 1—319. Paper eligible for discount is not a readily marketable security, under Regulation F, 1919, 6—385. Power— ( See supra, Executor; Administrator; Guardian; New York banks; Kentucky national banks; Oregon national banks; Transfer agent.) (See infra, Receiver.) Real estate investments. (See infra, Section 24.) Readily marketable securities. (See infra, Trust funds.) Receiver. No power to act as, 1—362. Registrar— New York banks can act only as, 3—30. (See supra, New York national banks.) Regulation F, 1916, 2—536. Regulation F, 1917, 3—545. Amended, 4 : —1215. Superseded, 5—438. Regulation F, 1920, 6—1184. Regulation F, 1919, supersedes Regulation F, 1917, 5—438. Regulation H, 1915, 1—43. Section 24. National banks may invest trust funds, not their own, in real estate in accordance with State law, free from limitations of, 6—949. Securities— (See supra, Missouri.) (See infra, Trust funds.) Security. Receipt covering Liberty loan bonds is¬ sued by Federal Reserve Bank payable on demand, without conditions, to trust department of a national bank is sufficient, for funds deposited in commercial department by the trust depart¬ ment, 5—1156. State laws— Capital requirements for exercise of fiduciary powers, 5—53. Surplus is not capital, 4 —1118. National banks expressly authorized. List of States, 1—150; 2—523, 678; 3—30, 528, 529, 697, 767; 5—323. Granted by implication. (See supra, Ken¬ tucky.) (See supra, National banks.) Surplus. (See supra, State laws.) Title of bank. (See supra, Missouri.) Transfer agent, no power to act as, 2—456. Trust department. (See supra, Missouri; Security.) Trust funds— Bills receivable. (See infra, Security.) By-laws. Regulation F, 1919, section 3. Fed¬ eral Reserve Board has formulated no specific by-laws because of divergent laws of States, 6—699, 700. Discretion. When instrument of trust gives officers discretion, trust funds may be in¬ vested in the classes of securities approved by the directors, 6—699, 700. FIDUCIARY POWERS—Continued. Trust funds—Continued. Investment of— Banks own funds affected only by Federal Re¬ serve Act or national bank act, 5 —143. Other funds— Governed by State law subject to future regulations of Federal Reserve Board 1—306. May invest, in real estate free from limita¬ tions of section 24 , 6—949,950. Readily marketable securities. Bills receivable, loans, discounted paper are not, under Regu¬ lation F, 1919, 6—385. Regulation F, 1919, section 5. Deposit of securi¬ ties with State banking department is not a compliance with, 6—699, 700. (See infra, Trust department.) Security. Bills receivable are not valid for deposit of trust funds in commercial depart¬ ment of a national bank, 6—385. Segregation. Should be segregated but need not be deposited in another bank, 1—125. Trust department— Bills receivable, loans, and eligible paper can not be deposited in the, by the com¬ mercial department of a national bank, as security for deposit of trust funds in the commercial department, as they are not readily marketable securities under Regulation F, 1919, section 5, 6—385. (See supra, Discretion.) Trustee, New York banks can not act as, 3—30; 4—12. (See supra, New York national banks.) United States Supreme Court— Decision, Bank v. Fellows. Section 11 (k) held constitutional; 3—32, 254, 504, 534 (text). Illinois Supreme Court will follow above decision. First National Bank of Joliet v. Russell, 4—522, 524. (See supra, Illinois; Michigan.) Wisconsin law, limiting exercise of fiduciary powers to Wisconsin trust companies. Held unconstitu¬ tional by Wisconsin Supreme Court, 6—700. (See Opinions, Attorney General of United States; Opinions, counsel.) FINANCE. (See Public finance.) FINANCE BILLS. Purchased by Federal Reserve Banks. (See Discount and open-market operations.) (See infra, Finance paper.) FINANCE COMPANIES. (See Finance paper.) FINANCE CONDITIONS. (See Business conditions.) FINANCE DRAFTS. (See Finance paper.) FINANCE PAPER. Acceptance house. Paper of an, secured by eligible paper, is not eligible unless proceeds are used for commercial purposes, 4—108. Broker. Note of a, secured by eligible paper is not eligible unless proceeds are used for commer¬ cial purposes, 4—108. INDEX-DIGEST OF FEDERAL, RESERVE BULLETIN. Ill FINANCE PAPER— Continued. Cotton factor. Paper of a, is pure finance paper and is neither eligible for acceptance nor for discount, 6—1054; 6—162, 1176. Farm land bank. Collateral note of a, is pure finance paper and is not eligible, 6—609. Finance company— Note of a, to finance an industrial concern is not eligible, being pure finance paper even though secured by eligible paper, 1—72; 4—197. Note of a, issued on security of drafts, drawn by it on dealers, held in trust to secure its note, is not eligible, being pure finance paper, 4—109. Finance bills of exchange are not eligible, 4—1120. Foreign purchasers. Drafts drawn to finance domestic concerns in giving credit to, on open account, are not eligible, 5—253. Joint-stock land bank. Collateral note of a, is pure finance paper and is not eligible, 6—609. Purchaser. Bill drawn by a, secured by bill of lading, is not eligible, as, in absence of proof that proceeds are used for commercial purposes, it is pure finance paper, 3 —380; 6—65, 66, 1301. FINANCE, PRIVATE OR GOVERNMENT, 5—308, 528, 611, 1012, 1110. FINANCE, PUBLIC. Brazil, 6—819. Cuba, 6—1165. Spain, 5—1036. Treasury, 6—1123. (See Review of month.) FINANCIAL CONDITION. Indorsing bank or banker must give a satisfactory statement of, in cases where bills are drawn in foreign countries, and such statement can not be obtained from drawer or acceptor, 2—111. FINANCIAL CONDITIONS, 5—10, 20, 204, 304, 311, 314, 416, 420, 525, 531, 620, 706, 1019, 1115, 1120; 6—13, 122, 225, 349, 456, 567, 662, 673, 723, 912, 920,1020,1253, 1264. 1918-1920, 6—479. ( See Business conditions.) (See infra, Financial situation.) FINANCIAL CONFERENCE. INTERNATIONAL. (See International Financial Conference.) FINANCIAL CONGRESS, PAN AMERICAN. Address, Gov. Hamlin, 1—136. Address, Vice Gov. Warburg, 1—132. Notice of meeting, 1—35. Participation of Federal Reserve Board, 1—131. Recommendations of, 1—128. Report, Secretary of Treasury to President, 1—313. Statement as to. Federal Reserve Board, 1—348. FINANCIAL DUTY. London Economist, 3—518. FINANCIAL NEEDS OF TRADE. After war. 5—115. FINANCIAL PROGRAMME. (See Secretary of Treasury.) FINANCIAL RECONSTRUCTION. Warburg. Vice Gov.. 5—16. FINANCIAL REMEDIES. International Financial Conference, Brussels. Re¬ port, 6—1288. FINANCIAL REVIEW. Of Federal Reserve System— 1914-1917, 5—3, 771. 1917-1919, 5—771. 1920, fiscal year, 6—664. 1920, calendar year, 6—1253. FINANCIAL SITUATION, FOREIGN. Argentina, 6—592. Brazil, 6—813. Chile, 6—1052. Cuba, 6—1162. Europe, 6—140. Foreign, 5—1015; 6—1132. France, 6—1073, 1203. Great Britain, 5—115. Hoover, H., on, 6—140. Secretary of Treasury on, 6—137. FINANCIAL SITUATION, UNITED STATES. (See Federal Reserve Board; Financial condition; Review of month; Secretary of Treasury.) FINANCING OF COTTON. Union Discount Co. formed for, 4—930, 939. (See Cotton.) FINANCING OF EXPORTS. Appreciation of American dollar abroad cuts down our export trade, 5—1011. Balance of trade. (See same.) CreditB, long-term, 5—611. Discussion of, 5—193, 312, 412, 526, 612, 816, 916, 1012 , 1110 . Domestic needs. Goods shipped in export trade are a deduction from domestic needs, 5—614. Edge bill. (See same, principal heading.) English plan, 5—1012. Export balance, 5—536. Federal Advisory Council. Conference, 5—618. Foreign necessities must be financed promptly, 5— 615. Foreign securities. Purchase of, if not limited will get into banks and cause inflation, 5—614. Geddes, Sir A., on, 5—1011. Great Britain. Export credit plan, 5—1012. Great Britain, 250 million loan, 5—1014. Harding, Gov. Against Government aid, 5—1012. Investment trusts, 5—413. May involve severe strain, 5—526. Necessity for American investment aid, 5—312. Prices. (See Export trade; Prices, principal head¬ ing.) Private or Government, 5—308, 528, 611, 1009, 1012, 1110 . Problem of. Serious, but not as serious as may seem, 5—615. Savings balance available for— In excess of, will cause higher prices, 5—613. Not large, 5—613. Situation, 5—916. War Finance Corporation. Under Victory loan act may make long term loans, 5—308. FINANCING OF GRAIN. Federal Trade Commission on, 4—711. FINANCING, RAILROAD, 5—307. 112 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN FINISHED COTTON FABRICS. Report, 6—1027, 1145, 1276. FINISHERS OF COTTON FABRICS. Reports, 6—1027, 1145, 1276. FINISHING CREDITS. International Financial Conference, Brussels, 6 —1291. FIRE INSURANCE. ( See National banks, principal heading.) FIRM, PRIVATE BANKING, 2—394, 395; 6—948. (See Clayton Act.) FIRST FEDERAL FOREIGN BANKING CORPO¬ RATION. Organization. Edge Act, 6—449, 1299. FIRST GUARANTY STATE BANK, PITTSBURG, TEX. Reasons for joining Federal Reserve System, 3—371. FIRST NATIONAL BANK, BOSTON. Branch in Buenos Aires, 3—78; 6—1298. Foreign branches, 4—735, 1079; 5—357, 854, 1154; 6—272, 606, 944, 1299. Owns First National Corporation, 4—1080. FIRST NATIONAL BANK OF JOLIET v. RUSSELL. Illinois Supreme Court will follow decision of United States Supreme Court, on fiduciary powers, in Bank v. Fellows, 4—522. FIRST NATIONAL CORPORATION, BOSTON. Owned by First National Bank, Boston, 4—1080. New York branch, 5—358, 855, 1155; 6—945, 1298. FIRST STATE BANK, BONHAM, TEX. Reasons for joining Federal Reserve System, 3—364. FIRST STATE BANK, DALLAS, TEX. Reasons for joining Federal Reserve System, 3—356. FIRST STATE BANK, HAMLIN, TEX. Reasons for joining Federal Reserve System, 3—369. FISCAL AGENCY OPERATIONS. 1917-1919, 2—671; 5—769. 1918 5—130, 134. 1919 5—723, 769, 777. 1920 6—135, 726, 830. ( See Federal Reserve Banks.) FISCAL AGENTS. Federal Reserve Banks designated by Secretary of Treasury as, 1—395; 3 —423. National banks to assist in placing Liberty bonds as, 4—313. FISCAL YEAR. Definition, Clayton Act, 2—523. Federal Reserve Banks, closes December 31, 2—12. Profits not to be carried to surplus account until end of. 1—220. FISCAL YEAR, 1920. Clearing system, 6—724. Credit and investment, 6—669. Credit control, 6—665. Currency receipts and shipments, 6—731. Deposits, 6—664. Deposits, net, 6—724, 725. Earning assets, 6—723 , 725. Earnings and expenditures, 6—726. Classification, 6—723, 725. Exports and imports, 6—669, 776. FISCAL YEAR, 1920—Continued. Federal Reserve and member bank development, 6—723, 725. Federal Reserve Bank notes, 6—724, 725. Federal Reserve notes— Deposit and, liabilities, 6—724. Movement, 6—664, 724. Fiscal agency disbursements, 6—726. Foreign exchange rates, 6—670. Gold, free, 6—724, 725. Gold settlement fund, 6—724. Government deposits, 6—724, 725. Prices and credits, 6— 666 . Receipts and disbursements, 6—661. Rediscounts between Federal Reserve Banks. (See Rediscounts.) Reserve ratio, 6—663, 724. Reserves, 6—724, 725. Review, 6—662. Securities, new, 6—669. United States securities. Bank holdings, 6—723. War paper, 6—665. FISH. Warehouse requirements, 4—406. FIVE PER CENT REDEMPTION FUND. (See Federal Reserve bank notes; Resources and lia¬ bilities.) FIXED MATURITY, 3—930. (See Commercial paper.) FIXED DISCOUNT. (See Acceptances, trade.) FIXED INVESTMENT. (See Permanent investment.) FIXING OF RATES. (See Discount rates; Rates.) FLEISHH ACKER, H. Retires from Federal Advisory Council. 5—201. FLEMING, F. W. Appointed Class C director, Kansas City, 2 —52. FLOAT. Report, Federal Reserve Agents. Clearing, 1—369. Conference of transit managers on, 4—1175. ( See Clearing system.) FLOATING DEBT. Great Britain, 6—955, 1199, 1312. United States. (See United States.) FLORIDA. Warehouse laws, 1—261. Acceptance laws, 3—529. Reserve laws, 3—770. List of State member banks in, 4—92. Foreign banking corporations. Laws, 5—55. FLOUR. Held to be a “staple” under Regulation Q, 1915, 2— 523. Price, 1914-1920, 6—1214. (See Commodity paper; Production; Prices; Physical volume of trade.) Sault Ste. Marie Canal. FLOUR MILLING. Terms of sale, 5—1131. INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. 113 FLOWER, H. C. Appointed a member of the Capital Issues Committee, 4—73, 77, 364. FLUCTUATIONS. (See Exchange fluctuations.) FOOD ADMINISTRATION GRAIN CORPORATION. Drafts of, are eligible, 4 —976. FOOD ADMINISTRATOR. (See Hoover, H.) FOODSTUFFS. Laws of supply and demand will soon operate. Sec¬ retary of Treasury, 6—191. FOOD PRODUCTS. Financing of, by acceptances, 4—255. FOOTE, F. W. Elected Class A director, Atlanta, 3—7. FORBES, A. B. Appointed a member of the Capital Issues Committee, 4—73, 77. Declined appointment to War Finance Corporation, 4—364. FORECAST. Corn production, 6—1175. FOREIGN AGENCIES. Secretary of Treasury favors, of Federal Reserve Banks in South America. 1—313. Federal Reserve Board opposes in places, at least, where national banks have branches, 1—348. FOREIGN AGENTS OF FEDERAL RESERVE BANKS. Bank of England, 3—77. Bank of France, 3—175. Philippine National Bank, 3—239. FOREIGN BALANCES. Large, held by American manufacturers, 6—1128. Effect on foreign exchange, 6—1128. FOREIGN BANK ACCEPTANCES. Held by Federal Reserve Banks. (See Discount and open-market operations.) FOREIGN BANK BRANCHES AND AGENCIES. Acceptances of, held by Federal Reserve Banks. (See Discount and open-market operations.) FOREIGN BANK TRADE ACCEPTANCES. Held by Federal Reserve Banks. (See Discount and open-market operations.) FOREIGN BANKING CORPORATIONS. Amendment. Act of September 17, 1919. Ownership of stock in, by national banks, 2—441; 5—705, 729, 965 (text). Edge Act. Act of December 24, 1919, 6—56 (text). (See Edge Act.) Regulation K, 1920, 6—379, 1190. State laws as to, 5—54. (See State banks; Laws of States.) FOREIGN BANKING IN JAMAICA. Canadian banks, 6—1039. English banks, 6—1039. Jamaica— Banking law, 6—1039. Government banks, 6—1039. FOREIGN BANKING DEVELOPMENT. Irving National Bank, New York, on, 5—23. 37599°—21-8 FOREIGN BANKING LAWS. (See supra, Foreign banking corporations; Foreign banking in Jamaica.) (See principal countries, by name.) FOREIGN BANKS. Balances, of member banks due from, can not be de¬ ducted from balances due to,in computing required reserves, against bank deposits, 5—963. Balances due to, are individual and not bank depos¬ its, 5—963. Bank credits in war, 5 —323. Banks of issue, leading. (See same.) Comparison with Federal Reserve System, 3—681; 5—463, 648, 848, 849, 1200. Condition of principal. (See Condition.) Deposits in not within 10 per cent limitations of sec¬ tion 19, 5—1054. Gold reserves, 6—-144, 1295, 1297. Laws as to, operating in United States, depend on laws of individual States, 2—224. Philippine National Bank, 4—1085. Spain. Tax legislation, 6—692. State laws as to, 5—54, 55. (See Reserves.) (See also principal banks, by name.) FOREIGN BILLS OF EXCHANGE. Federal Reserve Banks should be cautious as to buy¬ ing, under present disturbed conditions, 1—360. (See Open-market operations; foreign bills.) FOREIGN BONDS. Yield from, 6—450. FOREIGN BRANCHES. National banks and State banks— Acceptances of, held by Federal Reserve Banks. (See Discount and open-market operations.) American Foreign Banking Corporation, New York, 6—272, 607. Application to establish, of national banks, 1—51. Asia Banking Corporation, New York, 4-^818; 6—272, 607. Creditors of, are general creditors of the parent bank, 3—198. Difference between foreign agencies and, 3—952. Federal Advisory Council on, 4—1177. First National Bank, Boston, Buenos Aires branch, 3—78; 4—1079; 6—606. Foreign bank branches and agencies— Acceptances of, held by Federal Reserve Banks. (See Discount and open-market operations.) Are not independent corporations, 3—198. List of, 4—735, 818, 938, 942, 1196; 5—23, 357, 466, 562, 738, 854, 962, 1050, 1154; 6—63, 159, 272, 382, 492, 606, 944, 1174, 1298. Loans by— May loan, under section 24, on real estate on Isthmus of Panama, if within 100 miles of branch, 3—952. May loan on growing sugar crop in Cuba, 5—362. Real estate loans by, 3—952. Mercantile Bank of Americas, 4 —736; 6— 272, 382, 607. Venezuelan bank affiliated with, 6—63. 114 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. FOREIGN BRANCHES— Continued. National banks and State banks—Continued. Foreign bank branches and agencies—Continued. National City Bank, New York— Foreign branches, 4—938, 942; 6—272, 382, 492, 606. (See National City Bank, New York.) National and other banks. ( See supra, List.) New banks to form, 4—695. Park Union Foreign Banking Corporation. New York, 6—272, 607. Real estate loans by. ( See supra, Loans.) Reserves of. Section 19 does not apply, Fed¬ eral Reserve Board determines, 4—1123. FOREIGN BRANCHES OF AMERICAN CON¬ CERNS. Report, committee of experts, 5—637. FOREIGN COMMERCE. Denmark, 1914-1919, 6—35. Norway, 1914-1919, 6—35. Spain, 5—1036. Sweden, 1914-1919, 6—35. (See Government aid to; Exports; Imports.) (See also principal countries, by name.) FOREIGN CORPORATIONS. Dividend checks. Ruling, Foreign Exchange Divi¬ sion, 4—1121. Loans placed in United States— 1918-1920, 5—33, 101; 6—687, 901. (See Foreign loans.) FOREIGN CORRESPONDENTS. Credits to. Ruling, Foreign Exchange Division, 4— 1121; 5—469. Declarations of. Ruling, Foreign Exchange Division, 4—1121. FOREIGN CORRESPONDENTS, NATIONAL BANKS. (See Acceptances; Guaranty; National banks.) FOREIGN CORRESPONDENTS AND AGENTS. (See supra, Foreign agents.) FOREIGN COUNTRIES. Acceptance liabilities. (See Acceptances; Accept¬ ance liabilities.) Banks, condition. (See Condition.) Branches of American concerns in, 5—637. Capital rather than credit needed by, 5—1011. Condition of banks in. (See Condition.) Credits to, 6—7, 114, 214, 343, 562, 901. Hoover, H., on, 6—114, 140. Secretary of Treasury on, 6—137. Financial conditions in. (See Europe; Financial conditions.) Foreign exchange rates on leading. (See Foreign exchange rates.) Gold in transit. (See Gold, transit.) Holding of bills of exchange in. (See Bills of ex¬ change.) Hoover, H., on loans to, 6-114, 140. Loans placed in United States, 5—33, 101, 845, 1014; 6—687, 901. Loans to, 5—101, 522, 528, 611, 819, 1012; 6—7, 114, 214, 343, 562, 901. (See Allied powers.) FOREIGN COUNTRIES—Continued. Price movement in. (See Prices.) Prices in United States and. (See Prices.) Reparation payments, 5—525. Secretary of Treasury to Chamber of Commerce ot United States on loans to, 6—137. Shipments to. Drafts against, not subject to stamp tax, 5—467. Taxation. Need of drastic, 5—1014. (See Acceptances; Branches; Foreign branches; Open-market operations.) FOREIGN CREDIT, 6—897. FOREIGN CREDIT CORPORATION, N. Y. Has no branches, 6—945, 1298. FOREIGN CREDITS. A capital rather than a banking problem, 5—524. Edge Act, 5—705, 728, 820, 965, 1056, 1109; 6—56 (text). (See Edge Act; Credits; Exports; War Finance Cor¬ poration.) FOREIGN CURRENCY CONDITIONS, 6—902. (See Inflation.) FOREIGN DEPOSITORS. State Department. No intention to confiscate de¬ posits made by, 3—155. Withdrawals of deposits by, 3—154, 155, 340. Returned, 5—102, 197, 205, 616. FOREIGN DISCOUNTS. Covering of, and hedging, 5—527. FOREIGN DIVIDEND CHECKS. Ruling, Foreign Exchange Division, 4 —973, 1121. FOREIGN DOCUMENTARY DRAFTS. (See Accept¬ ances, national bank; National bank, finance drafts.) FOREIGN EXCHANGE. Adviser to Federal Reserve Board. Kent. F. I., 4 - 11 . Agreements to stabilize. (See infra, Stabilization.) American dollar. Stabilization of. (See infra, Sta¬ bilization.) American Relief Association. Purchases of, through, 5—470, 615, 652, 653. Amsterdam. Rates on foreign countries, 5—646. Analvsis of, situation. League of Nations, 6—898, 901, 902, 903, 909. Argentina. Gold deposit in Federal Reserve Bank of New York for furnishing, 4 —75, 76, 594. (See Buenos Aires.) Balances, foreign. Effect on foreign exchange of large, held by American manufacturers, 6—1128. Bank, Foreign Exchange— Federal Advisory Council opposes, 4 —491. Harding, Gov., opposes, 4 —724. Questionnaire to banks. Owen, 4 —832. Text, Owen Bill, 4 —722. Warburg, P. M., opposes, 5—16. Bank of Montreal. (See infra, Rupee exchange.) Belligerent countries. Rates on, 3—405; 4—1199. Brazil. Rates on foreign countries, 1914-1919, 6—819. Buenos Aires. Rates on foreign countries, 6—598. Cable rates, 5—1111. Chile. Rates on foreign countries, 6—1055. China. (See infra, Shanghai.) INDEX-DIGEST OF FEDERAL, RESERVE BULLETIN. 115 FOREIGN EXCHANGE—Continued. Control over, 4 —81, 159. Control over, termination of, 5—615, 652, 853. Copenhagen. ( See Denmark.) Correspondents. (See infra. Domestic correspondents; Foreign correspondents.) Credits to United States from abroad, 4—626, 940, 941, 942. (See Argentina; Credits; Spain; Switzerland.) Cunliffe Committee. Report on, 6—141. Dealers in; instructions, 4—185, 622. Decline in, 5—311, 525, 703, 817, 917,1011,1015,1110; 6—216, 1260. Decline in French franc. 5 —312, 525, 703, 1110. Decline in German mark, 5—1011. Decline in, checks our exports, 5—818. Decline in pesetas, 5—703. Denmark. Rates on foreign countries, 4—384 ; 6—44. Discussion of, 3—156, 5—311, 413, 525, 703, 817, 917, 1015,1110; 6—4. 115, 216, 219, 343, 450, 563, 670, 778, 900, 1128, 1260. Division of Foreign Exchange— Regulations, 5—469, 652. Rulings, 4—864, 973, 1121, 1217; 5—469, 652, 653, 853. Dollar exchange. (See Acceptances; Dollar exchange.) Dollar exchange drafts, 2 —534, 665; 3—156, 542, 582, 683; 4—938. (See Acceptances; Dollar exchange.) Domestic correspondents. Foreign exchange trans¬ actions of banks through, 4—073. Earnings from transactions in. (See infra, Profits.) England. (See Great Britain.) Executive order, 4—81. Abrogating control of, 5—615, 653, 853. (See Licenses.) Federal Reserve Banks. Secretapr of Treasury calls for report as to profits in foreign exchange trans¬ actions, 4 —626, 835. Federal Reserve Board— Instructions to dealers in, 4—185, 622. Licenses. (See infra, Licenses.) Policy. Control of, 4—159, 185. Rupee exchange. Will furnish, 3—924; 4 —75, 625. Stabilization. Work done, 3—833. Termination of control over, 5—615, 652, 853. Transactions in— Banks to scrutinize, 3—655, 656. Opposed to active foreign exchange business at present time, 4—158, 159. Foreign correspondents. Change in regulations, 5— 469. Foreign exchange transactions. Profit of Federal Reserve Banks from purchase and sale of, 4 —626, 835. Forms, 4—85, 185, 627. France— Reason for decline in, 6—312. Decline in franc, 5—312, 525, 703, 1110; 6—709, 1074, 1204, 1315. Pegging of exchange, 5 —312, 525. Rates. Spain on Paris, 1914-1919, 5 —1041, 1042. (See infra, Rates; France.) FOREIGN EXCHANGE—Continued. Germany— Decline in mark, 5—1011; 6—1076, 1319. Rates on foreign countries, 6—1319. Rates on neutral countries, 4—1162. Transfer of funds to, 5—470. Great Britain— Rates, 6—843, 957, 1070, 1201. Rates. Japan on, 5—733. Rates. Spain on, 1913-1919, 5—1038,1041,1042. Sterling exchange. Pegging of, 5—311, 411, 413, 414, 525, 703, 1011, 1038, 1039, 1110; 6—216, 1260. Pegging of, 5—525, 1038. (See Great Britain.) Hamburg. (See infra, Germany.) Harding, Gov. Opposes foreign exchange bank, 4 — 724. Holland. (See Amsterdam; Netherlands.) Hongkong. Rates, London on, 6—50, 52, 1161. Imports into foreign countries checked by decline in, 5—818. India. (See same.) Instructions to dealers, 4 —185, 622. International control of. International Financial Conference, Brussels, 6—1131. Credit, currency, and exchange fluctuations, 6— 1282. Italian Institute of Exchange, 4 —594. (See same, principal heading; Italy.) Italy. Rates on London, Paris, and New York, 5— 846. (See infra, Lira.) Japan. Rates on London, New York, and Shanghai, 5—733. (See Japan.) Kent, F. I., foreign exchange adviser, 4 —11. Leffingwell, Assistant Secretary, testimony before congressional committee, 4 —940. Letters of credit, restrictions removed, 5—469. Licenses, 4—76, 499, 501; 5—615, 652, 853. Lira exchange, 4 —594, 624, 625; 5—311, 469. Decline in, 5—525, 703, 1110. London. Rates on foreign countries, 6—901, 957, 1070. Madrid. (See infra, Rates; Spain.) Mark. (See supra, Germany.) Market, foreign exchange, 6—778. Money and. Federal Reserve Agent, New York, 6— 231. Monthly ranges, 5—185, 512, 811, 1103, 1111. National Institute of Exchange. (See supra, Lira.) Netherlands. Rates in, on foreign countries, 4—387, 646. Neutral countries— Decline of American dollar in, 3—582. Foreign exchange rates in, 4 —375. German exchange in, 4—1162. Profits of banks. Dealings with, 4—626, 835. Rates on, 4—1199. Stabilization agreements with, 4 —626, 627. (See infra, Rates.) New York. (See infra, Rates.) 116 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. FOREIGN EXCHANGE—Continued. Norway. Rates in Christiania on foreign countries, 4—383. 1914-1919, 6 —43. (See Norway.) Owen bill. (See supra, Bank; Foreign exchange.) Pegging of French exchange, 5 — 312, 525. Pegging of sterling exchange. (See supra, Great Britain.) Pegging of sterling, ended April 8, 1919, 5 — 525,1038. (See supra, Great Britain.) Pesetas, decline in, 5 — 703. (See infra, Spain.) Policy. (See Federal Reserve Board.) Profits of banks dealing in, 4 — 626, 833, 834, 835. Rates— Amsterdam, on foreign countries, 4 — 387, 1119; 5—646; 6—1160. Belligerent countries. (See infra, New York.) Berlin, on foreign countries, 1914-1919, 6 — 819. Berlin, Switzerland on, 4 — 838, 842. Buenos Aires, on foreign countries, 1914-1920, 6 — 59S. Cable rates, 5 — 1111. Changes in. Discussion of, 4 — 836; 5 — 311, 413, 512, 525, 703, 811, 813, 817, 917, 1015, 1103, 1110, 1111; 6—4, 115, 216, 219, 343, 450, 563, 670, 778, 900, 1128, 1260. Charts on, 3—406, 688, 689; 4—841, 842, 843, 1200, 1202; 6—40, 41, 51, 52, 1159, 1161. Chile. On foreign countries, 6 — 1055. China — Japan, on Shanghai, 5 — 733. London, on Hongkong and Shanghai, 6 — 50. Christiania. (See infra, Norway.) Copenhagen. On foreign countries, 4 —384; 6 — 40, 44. Cunliffe committee. Report on, 5 — 141. Denmark. On foreign countries, 4 —384; 6— 41,44. France, Paris— On foreign countries, 6—709, 1074,1204,1315. Berlin on, 6—1076, 1319. Chile on, 6—1055. Copenhagen on, 6—41, 44. Denmark on, 4—384; 6—41, 44. Italy on, 5—846. London on, 6—1070. Pegging of exchange, 5—312, 525. New York on, 6—49, 1158. Stockholm on, 6—40, 42. Germany, Berlin— Copenhagen, on Hamburg, 6 — 40, 44. Foreign countries on, 6—1076. On foreign countries, 6—1076, 1319. On neutral countries, 4—1162. Stockholm on Berlin, 6—40, 42. Great Britain, London— Berlin on, 6—957, 1070, 1201. Buenos Aires on, 6— 598, 957, 1070, 1201. Italy on, 5—846. Japan on, 5—733. Low levels for sterling, 5— 525, 703, 1110; 6—216, 1260. FOREIGN EXCHANGE—Continued. Rates—Continued. Great Britain, London—Continued. Madrid on, 5—1041. New York on, 4—1199; 5—1103; 6-49, 1158. On foreign countries, 5—1038; 6—843, 901, 902, 903, 957. Paris on, 6—843, 957, 1070, 1074, 1201. Pegging of sterling, 5—311, 411, 413, 414, 525, 1038, 1039, 1110; 6—216, 1260. Stockholm on, 6—40, 42. Hongkong. London on, 6—50, 52, 1161. Italy on foreign countries, 5—846. Japan on foreign countries, 5—733. League of Nations on, 6—898, 901, 909. London. (See supra, Great Britain.) Madrid. (See infra, Spain.) Netherlands on foreign countries, 4—387; 5— 646; 6—1160. Neutral countries. (See infra, New York.) New York— On belligerent countries, 3—405; 4—837, 841, 1198, 1200; 6—49, 1158. On foreign countries, 2—727; 3—156,328,404, 576; 4—67, 358, 684, 836, 1162, 1199; 5— 1103; 6—111, 216, 437, 763, 1122,1260. On neutral countries, 3 —405; 4—839, 843, 1199, 1202; 6—50, 1160. On silver standard countries, 3—406; 4— 840, 844, 1198, 1199, 1202; 6—49, 50, 52, 1158,1161. Norway. Christiania on foreign countries, 4— 383; 6—43. Prices and, 6—119, 905. Production and, 6—908, 1260. Profits from transactions in, 4 —625, 626, 833, 835. Report, Cunliffe committee, 6—141. Review, 1920, 6—670, 1260. Rio de Janeiro. (See supra, Brazil.) Shanghai. (See supra, China.) Silver standard countries. (See supra, New York.) Situation, January, 1920, 6—115. Spain— Buenos Aires on, 1914, 1919, 6—598. Madrid on foreign countries, 1913-1919, 4 — 393; 5—1038, 1041, 1042. New York on. 3—156; 5—703; 6—50. On New York, London, and Paris, 5—1041, 1042. Sterling exchange, 5—311, 525, 703, 1011, 1038, 1110; 6—216, 1260. Pegging of, ended April 8, 1919, 5—525. Stockholm. (See infra, Sweden.) Sweden— New York on. (See supra, New York, on for¬ eign countries.) Stockholm on foreign countries, 1914-1919, 6— 40, 42. Switzerland— Italy on, 5—846. On Berlin and Vienna, 4—838. Chart, 4 —842. On foreign countries, 4—390, 552, 835, 838, 842, 1198; 5—552. INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. 117 FOREIGN EXCHANGE—Continued. Regulation of, 4 —81,159. Regulations, 4 —11, 185, 622; 5—469, 652. Reports from dealers in, 4 —76, 625. Reports on, 4 —185; 6 —141. Review of, situation, 4 —1198; 6—4,115,119,215,450, 563, 670, 900, 1132, 1260. Rubles— Restrictions on, 5—469, 652, 853. Exportation permitted, 5—853. (See Russian rubles, principal heading.) Rulings, Division of Foreign Exchange, 4 —864, 973, 1121, 1217; 5—469, 652, 653, 853. Rupee credits, 3—924; 4 —75, 625. Rupee exchange— Bank of Montreal to sell, 5—1015. Federal Reserve Board to furnish, 3—924; 4 —75, 625. Secretary of Treasury— Foreign exchange situation, 4 —626. Power to investigate transactions in, 3—861. Report on bank profits from transactions in 4—625, 626, 833, 835. Shanghai— Rates in Japan on, 5—733. Rates in London on, 6—50, 52, 1161. (See supra, China.) Silver standard countries. Rates, New York on, 4 — 840, 844, 1198, 1199, 1202; 6—49, 50, 52, 1158, 1161. Situation, 4—626,1198; 6—4, 115, 119, 215, 450, 563, 900, 1132, 1260. South America. Stabilization agreements, 4 —626, 941, 942. Spain— Decline in pesetas, 5—703. Peseta credits to United States banks, 4 —626, 940. Rates, New York on, 3—156; 5—703; 6—50. Rates in, on foreign countries, 4 —393, 394; 5— 1038, 1041, 1042. Rates in, on Great Britain, 1913-1919, 5—1038. Rates in, on New York, London, and Paris, 1914- 1919, 5—1041, 1042. (See Spain.) Stabilization of, 4—23, 75, 76, 594, 626, 1198. Rupee exchange, 3—924; 4 —75, 625. Work of Federal Reserve Board, 3—833. Sterling exchange. Pegging of, 5—311, 525 , 703, 1110, 1260. Sweden— Rates, Stockholm on foreign countries, 1914-1919, 6—40, 42. Rates, New York on. (See supra, New York on foreign countries.) Gold policy, 4—377. Switzerland— Italy on, 5—846. Rates in, on foreign countries, 4—390; 5 —552. On Berlin and Vienna, 4—838. Chart, 4 —842. Trading with enemy act, 3—853, 861. Transfer of funds to Germany, 5—469, 470. Transactions in— Control over, abrogated, 5—615, 853. Control initiated January 26, 1918. Control ceased, June 9, 1919, 5—616. FOREIGN EXCHANGE—Continued. Transactions in—Continued. Federal Reserve Board opposed to active deal¬ ings in, at present time, 4L—158, 159. President may regulate, 3 —853. Profits from, 4 —625, 626, 833, 835. Russian rubles may be exported, 5 —853. Secretary of Treasury to regulate, 3—861. United States. Credits to, from foreign countries, 4 — 626, 940, 941, 942. Warburg, P. M. Opposes foreign exchange bank, 5— 16. (See Review of month.) FOREIGN EXCHANGE BANK. (See supra, Foreign exchange, bank.) FOREIGN EXCHANGE DIVISION, FEDERAL RE¬ SERVE BOARD. (See supra, Foreign Exchange, Division of.) FOREIGN EXCHANGES. (See Foreign exchange; Lira; National Institute for Foreign Exchanges.) FOREIGN FINANCING. (See Secretary of Treasury.) FOREIGN GOLD COIN. Issue of gold certificates against. Act June 12, 1916, 2—311. FOREIGN GOVERNMENT OBLIGATIONS, IN¬ VESTMENTS IN. Federal Reserve Board— Warning against overinvestment in, 2—661; 3—2, 82, 236, 239. 653. (See British exchequer notes.) Favors issue of British exchequer notes, 3—653. Harding, Gov., on, 3—2. National banks, holdings of, 3—173; 4 —263. Offerings in United States of, 3—237; 5—101. Policy of Federal Reserve Board, 2—661; 3—2, 82, 236, 239, 653. FOREIGN GOVERNMENTS. Loans to, 3—10, 424, 731; 4—21, 279, 1057, 1059, 1166; 5— 1, 33, 101, 845, 957, 1014; 6—688, 901. (See Allied Powers.) Public debts of. (See Public debts.) Secretary of Treasury favors continuation of loans to, up to limit of unexpended balance, 5—22. Secretary of Treasury on, 6—137. Securities of, held by national banks, 4—263. War debts of. (See Public debts; War.) (See Secretary of Treasury.) FOREIGN INVESTMENTS. By American interests, 6—777, 7S0. FOREIGN LOANS. Anglo-French, 6—1129. Corporation and municipal foreign loans placed in United States, 5—33; 6—901. Discussion of, 5—101, 528, 611, 819, 1012, 1110 ; 6—7, 114, 214, 343, 562, 901. Hoover, H., on, 6—114, 140. Offerings in United States. Morgan syndicate, 5—101. Placed in United States, 5—33, 101, 412, 845, 1014; 6— 687, 901. Secretary of Treasury on, 6—137. United States to Allies, 3—10, 424, 731; 4 —21, 279, 1059; 5—33, 820, 845, 957, 1014; 6—6S8, 901. (See Allied Powers.) 118 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. FOREIGN MUNICIPAL CORPORATIONS. Loans placed in United States, 6—33; 6—901. FOREIGN NATIONS. Public debts. (See Public debts.) FOREIGN PAYMENTS. Regulations, 4—625. FOREIGN SECURITIES. Establishing a market for, 5—412. Flotations of, in United States. ( See supra, Foreign loans.) Interest on, payable in United States, 5—526. Maturing in United States, 5—526. FOREIGN TRADE. Banks operating in. ( See Foreign branches.) Brazil, 6—S15. Capital— Long-term credits take capital from, 5—524. Not sufficient for domestic and, 5—524. Chile, 6—1054. Clearance of vessels in. ( See Physical volume of trade.) Conference, Federal Advisory Council, 5—618. Denmark, 6—38, 39. Development since war, 5—194; 6—899. Discussion of, 5—193, 312, 412, 526, 612, 817, 1011; 6—4, 115, 217, 219, 451, 562, 775, 899, 908, 1127, 1260. Edge bill. ( See same.) European demand for credits in, 5—1013. Financing of. (See Export trade.) France, 6—1075, 1205. French National Bank of Foreign Commerce, organ¬ ized to promote, 6—46. Government aid to, 5—308, 528, 611, 1009, 1012, 1046, 1047, 1048, 1110. Great Britain— British export credit plan, 5—1012. Foreign trade, 6—956. Geddes, Sir A., on, 5—1011. Loan of 250 millions placed in United States, 5— 1014. Value of, 6—1313. (See Great Britain.) Index of, 6—694, 841, 953, 1068, 1197, 1309. (See Indexes.) Liquidation of credits in, necessary, 5—523. Long-term credits for, takes capital and goods from domestic trade, 5—524. Norway, 6—3^, 39. Outlook for, 6—4, 115, 1127. Restriction of, 4—1053. South American, 6—1261. Vessels cleared in. (See Physical volume of trade; United States; Vessels.) War Finance Corporation. Aid to, 5—30S. War Trade Board. (See same.) (See Balance of trade; Export trade; Review of month.) FOREIGN TRADE ACCEPTANCES. Holdings by Federal Reserve Banks. (See Discount and open-market operations.) FOREIGN TRADE BANKING, 6—908. (See Edge act; Foreign banking corporations; Foreign branches.) FOREIGN TRADE BANKS. (See Edge act; Foreign banking corporations; Foreign branches.) FOREIGN TRADE EXPORT LICENSES. (See Export licenses; Licenses.) FOREIGN TRADE FINANCING. (See Export trade.) Foreign trade index, 6—694, 841, 953, 1068, 1197, 1309. FOREIGN WAR LOANS. (See Allied powers; Public debts.) FOREIGNERS. Withdrawal of deposits by, 3—154, 340. Returned, 5—102, 205, 616. FOREST PRODUCTS. (See Business conditions; Reports.) FORGAN, J. B. Elected a Class A director, Chicago, 3—8. FORM. 1 K and KA. No longer required. Ruling, Foreign Exchange Division, 5—469. F. E. No. 113. Ruling, Foreign Exchange Division, 4—864. Federal Reserve Bank statements. Change in, 3— 506. Trade acceptances, 3—378; 4—636; 5—142. FORM OF REPORT. (See State banks and trust companies.) FORMS. Applications to Capital Issues Committee, 4—631. Certificate of deposit, 6—495. Directors’ resolution. Loans to officers, 3—614. Modification of, 3—929. Discounts, for computing, 3—951. Examination of State banks, 4—310. Export licenses, 3—585, 674, 738. Farmers’ financial statements, 4—720. Federal Reserve exchange drafts, 3—349. Foreign exchange dealings in, 4—185. Licenses, gold exports, 4—81, 85. Meal ticket orders, 4—938. Report of profits from foreign exchange, 4—627. Sales as agent of, thrift stamps and war certificates 4—87, 89. Trade acceptances, 3—378 ; 4—636; 5—142. FORT SCOTT STATE BANK, FORT SCOTT, KANS. Reasons for joining Federal Reserve System, 3—366. FORWARD DISCOUNT RATES, 1—97, 98. FRANCE. Aid to foreign commerce, 5—1047. Anglo-French loan, 6—901, 1129. Annual expenditures, 6—1072. Balance of trade, 6—959. Balance of trade with Spain, 5—1038. Bank of France. (See same.) Bank of Spain. Credits to France, 5—1040. Banks of. Acceptance liability, 5—561. Bills of exchange. Handling of, 5—354. British exports and imports to and from, 6—1200. Budget, 6—490, 958, 1072, 1315. INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. 119 FRAN CE —Continued. Buenos Aires. Foreign exchange rates on, 6—598. Checks. Use of, 2—374. Coal, 6—619, 710, 846, 907, 959, 1074, 1205. Available, 6—619, 1205. Production, 6—846. Commercial banks. Condition, 1913-1920, 6—1314. Credit Lyonnais. Condition, 1914-1919, 6—1047. Crops, 6—1074. Debt. Public, 6—958, 1073, 1203, 1315. ( See infra, War loans.) Dollar loans to, 4—940. Exchange, foreign. Reason for decline in, 5—312. Expenditures, annual, 6—1072, 1315. (See supra, Budget.) Exports and imports, 6—390, 508, 620, 669 (fiscal year 1920), 847, 959, 1075 (1913-1920), 1205, 1316 (bulk and price). Financial condition, 6—1073, 1203. Foreign commerce, Government aid to, 5—1047. Foreign exchange. Pegging of, 5—312. Foreign exchange rates. (See Foreign exchange; Rates.) Foreign trade, 1913-1920, 6—1205, 1316. Franc. Decline in, 5—312, 525, 703, 1110. Germany. Amount recoverable from, 6—1073. Gold reserves, central, 1913-1920, 6—1296. Great Britain. Prices higher in France than in, 5—544. Imports. Removes in part restrictions on, 6—959. Imports and exports, Spain, 5—1038. (See supra, Exports and imports.) Income tax, 6—957. Loans to France— By Bank of France, 3—943. By Bank of Spain, 5—1040. By United States, 4—940; 5—33; 6—688, 1129. (See Allied Powers.) National debt, 3—11; 4^-268, 274, 1057; 6—958, 1073, 1203, 1315. Paris. (See same.) Pegging of French exchange, 5—312. Per capita taxation, 6—955. Price control, 1913-1919, 6—243, 246. p nC es_ 1913-1920, 5—477, 544; 6—31, 166, 281, 389, 506, 616, 619, 708, 710. 846, 905, 954, 957, 959, 975, 1069, 1072, 1074, 1203, 1204, 1219, 1310, 1313, 1316. Higher than in Great Britain, but did not rise so soon, 5—544. Higher than in United States, 5—476. Production increasing, 6—907. Rentes, 3 per cent. Price of, 6—1073, 1203, 1315. Revenues, Government, 6—1073, 1315. Societe Generale, etc. Condition. 1914—1919,6—1048. Spain— Balance of trade with, 5—1038. Imports and exports from and to, 5—1038. Loans of Bank of Spain to, 5—1040. Sterling. Value of, lowered by 100 million loan in United States, 6—1129. FRANCE —Continued. Taxation, 6—490, 957. Per capita, 6—955. United States— Loans placed in, 5—33; 6—688, 1129. Prices higher than in, 5—476. Use of checks in, 2—374. War expenditures, 4—274, 1073; 6—958. War loans, 3—349 , 731, 943 ; 4—1072; 6—958, 1073, 1203, 1315. War profits tax, 6—957. FRANCHISE TAX. Paid by Federal Reserve Banks, 4—6, 12; 5—26, 133; 6—135, 830. To be credited to account “ Reserve for franchise tax,” 5—26. (See Act of Apr. 24, 1917, bond act.) FRANCHISES. Included in term “taxable property” in Regulation F, 1915. Warrants, 1—221. FRANKING PRIVILEGE. Not accorded to Federal Reserve note transactions, 1—355. Nor to Liberty loan correspondence, 3—439. FRAUDULENT ISSUES. (See Capital Issues Committee; Federal stock pub¬ licity act.) FREDERICK, L. Acceptance liabilities, London and New York, 5—21. FREE GOLD. 1917-1918, 4—226, 227. 1914-1918, 5—136,137, 138, 774. 1919, 6—145. Fiscal year 1920, 6—724, 725. (See Gold.) FRENCH-AMERICAN BANKING CORPORATION. Has opened no foreign branches, 5—855; 6—945, 1299. FRENCH NATIONAL BANK OF FOREIGN COM¬ MERCE. Export bank organized, 6—46. FRIENDLY SUIT. Proposed suit to test legality of clearing system is not a, 2—374. FROZEN EGGS. Warehouse requirements, 4—405. FRUITS, SHIPMENT OF. (See Physical volume of trade; Prices.) FUND. Argentine gold conversion, 1900-1918, 5—140. Bond purchase fund. Purchases under, 5—225. Discontinued, 6—445. Chile. Gold conversion fund, 6—1052. Gold redemption. (See Gold; Resources and liabili¬ ties.) Gold settlement. (See same.) Redemption. (See Redemption fund.) Sinking. New form of. Old repealed, act of March 3, 1919, 5—227. FUNDING OF INTERNATIONAL OBLIGATIONS. Due from foreign countries, 6—7. 120 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. FUNDS. Crop moving, 1—260. (See Government deposits.) Failure of drawer of acceptance to furnish. Section 5200, United States Revised Statutes, applies, 2—64. (See Ten per cent limitation.) Indian. (See Indian funds.) Overinvestment of bank funds. Warning, Federal Reserve Board. (See British exchequer notes.) Shifting of. Liberty Loan II, 4—7. Telegraphic transfers of. Ruling, Foreign Exchange Division, 4:—1122. Transfer of, gold settlement fund, 1—82. Uncollected, not available as required reserves with Federal Reserve Banks, but may count as part of optional reserve which may be held in vaults or with approved reserve agents, 2—314. FUR MANUFACTURING. Terms of sale, 6—807. FURNACE COMPANY. Note of a, secured by pig iron held eligible under cir¬ cumstances, 1—127. FURNITURE. Cost of, 2—58, 59; 4—103; 5—134, 723. Cost of, chargeable to current expense account, 5—26. Net sales and production, 6—1031. Terms of sale, 6—936. FUTURE DATE. Sight drafts accepted payable at a, are qualified acceptances and drawers and indorsers are re¬ leased, 5—565, 566. G. GARMENTS, WOMEN’S. Terms of sale, 6—805. GAS COMPANY, 4—435. (See Acceptances, trade.) GEDDES, SIR AUKLAND. Appreciation of American dollar cuts down our ex¬ ports, 5—1011. GENERAL ACCEPTANCE. Defined, 3—289. GENERAL ACCEPTANCE POLICY. Federal Reserve Board, 2—587; 4—257; 5—309. GENERAL BUSINESS CONDITIONS. (See Business conditions.) GENERAL COUNSEL, FEDERAL RESERVE BOARD. (See Federal Reserve Board, general counsel; Opinions of counsel.) GENERAL STOCK OF MONEY. (See Money.) GENUINENESS OF BILL OF LADING, 3—457. (See Bills of lading.) GEOGRAPHICAL LIMITS, CHANGES IN. (See Changes in Federal Reserve district lines; Re¬ districting.) GEORGIA. Acceptance laws, 3—530. Banking laws, new, 5—859. Examination of State banks by Federal Reserve examiners authorized, 4—978. G E O R GIA —Continued. Examination authorities to report to Federal Re¬ serve Board, 4—978. National banks. Fiduciary powers, 3—767. Negotiable instruments act not adopted by, 4—108, 971. Notes falling due on Sundays or legal holidays payable on next succeeding business day as under negoti¬ able instruments act, 4—108. Reserve requirements. Member State banks subject to, of Federal Reserve Act, 4—978. Reserves. Laws as to, 3—772. State member banks. List, 4—92. Warehouse laws, 1—260. GERMAN-AMERICAN BANK, MINNEAPOLIS, MINNESOTA. Reasons for joining Federal Reserve System, 3—357. GERMAN EXCHANGE. (See Foreign exchange; Germany.) GERMAN MARK. Decline in, 5—1011; 6—1076, 1319. (See Foreign exchange; Germany.) GERMAN REICHSBANK. Acceptance liabilities, 5—561. Assets and liabilities. (See Condition.) Condition— 1913-1919, 3—15, 16, 234, 329, 330, 331, 500, 681, 942, 944, 946; 4—244, 996, 998, 1001, 1167; 5—197, 295, 430, 433, 463, 648, 847, 848, 1008, 1200. 1913-1920, 6—335, 486, 487, 894, 1076, 1317. Deposit liability. (See Condition.) Discounts. (See Condition.) Dividends, 1914-1919, 5—432, 1200. Earnings. Net, 1914-1919, 5—432, 1200. Federal Reserve System. Comparison with, 2—659; 3—681; 4—996; 5—463, 648, 849, 1200. (See Federal Reserve System.) Gold holdings— 1900-1919, 3—15, 16, 944,; 5—140, 197, 433, 648, 848,1200. 1910-1920, 6—144, 1297. Government securities. Holdings, 1914-1918, 4—998, 1001. Notes in circulation, 1914-1919, 3—15; 4—998, 1001; 5—197, 433, 648, 848, 1200; 6—780, 847. (See Condition.) Ratio, reserves to liabilities, 1914-1919, 4—998, 1001; 5—197, 648, 848, 1200. (See Condition.) Report, 1919, 6—601. Reserves. (See Condition.) Silver holdings, 5—197, 1200. (See Conditions.) War operations, 5—430. (See Germany.) GERMANY. Acceptance liabilities, eight credit banks; ratio to capital and surplus, 5—561. After-war preparation, 4—1086, 1087. American capital. Transfer to, 6—777, 780. American Relief Association. (See infra, Transfers of funds.) Analysis of war loans, 3—350. INDEX-DIGEST OF FEDERAL, RESERVE BULLETIN. 121 GERMANY—Continued. Assets and liabilities, three largest commercial banks, o—/ 35. Bank. (See Deutsche Bank; Disconto-Gesellschaft Bank.) Bank policy. Capital issues, 5—122. Banking in Belgium during German occupancy, 6—43o. Banks. Assets and liabilities. Largest commercial banks, 5—735; 6—375, 1049. Banks of issue. Note circulation, 3—15; 6—376,488, 1049, 1076. (See Notes.) Belgium. (See supra, Banking in Belgium.) Berlin. (See same.) Berliner Handelsgesellschaft. Condition, 1914-1919, 6—1051. Capital. Ratio, acceptance liabilities to, and surplus, eight credit banks, before and after war, 5—561. Capital issues. Bank policy, 5—122. Central banking in Belgium during German occu¬ pancy, 5—435. Coal— Prices, 1914-1920, 6—1207. Production, 6—907, 1318. Commercial banks. Assets and liabilities, three largest, 5—735. Credit banks. Ratio, acceptance liabilities to capital and surplus, eight credit banks, 5—561. Credits, war, 4—280. Darmstadter Bank, condition, 1914-1919, 6—1050. Debt, public, 6—1076, 1317. (See infra, War debt.) Deutsche Bank— Condition, 1913-1918, 5—736. Condition, 1914-1919, 6—1049. (See same, principal heading.) Disconto-Gesellschaft Bank— Condition, 1913-1918, 5—736. Condition, 191-4-1919, 6—1049. (See same, principal heading.) Dresdner Bank, condition, 1913-1919, 5—736; 6—, 1050. Fiscal condition, 6—780. Food shipments to. ( See infra, Transfer of funds; United States Grain Corporation.) Foreign exchange rates— On neutral countries, 4—1162. On foreign countries, 6—1076, 1319. Copenhagen on Hamburg, 6—40, 44. Stockholm on Berlin, 6—40, 42. (See Foreign exchange; Germany.) France. Amounts recoverable by France from, 6—563, 1073. Funds, transfer of. (See infra, Transfer of funds.) German Reichsbank. (See same.) Gold. (See infra, United States Grain Corporation.) Gold, reserves, central, 1913-1920, 6—1296. Hamburg. (See supra, Foreign exchange rates.) Indemnity, 6—563, 1073. Loans— Placed in United States, 5—33. Subscriptions to first five war loans, 3—14, 17, 350, 351. GERMANY— Continued. Loans—Continued. War credits, 4—2S0. War loans, 3—349; 4—280, 1062, 1074. Analysis of, 3—350. _ Decline in, 5—1011; 6—1076, 1319. Increase in value of, 6—847. Mitteldeutsche Creditbank. Condition, 1914-1919, 6—1051. National bank fur Deutschland. Condition, 1914-1919, 6—1051. National debt, 3—14; 4—280, 1062, 1074; 6—1076, 1317. Note circulation— Banks of issue, 3—15; 6—376, 488, 1049, 1076. (See German Reichsbank; Darlehenskassens- cheine.) 1917-1919, 5—848. Preparation. After war, 4—10S6. Price fixing, 6—1207. Prices, 6—847, 1075; 6—1206 (cereals); 6—1318 (iron and steely 6—1318 (metals). (See Prices.) Ratio. Acceptance liabilities to capital and surplus, eight credit banks of, 5—561. Ruhr coal production, 6—1318. Spa conference. Peace treaty, 6—779. Subscriptions. First five loans, 3—14, 17, S50, 351. Taxes, 6—1317. Transfer of funds to. War Trade Board authorizes, provided proceeds are used, for purchase of food to be shipped to, through American Relief Asso¬ ciation, 5—470. United States. Loans placed in, 5—33; 6—688. United States Grain Corporation sells food to, payable in gold, 5—821. War. (See supra, Capital.) War debt, 3—14; 349, 350, 351; 4—280, 1062, 1074; 6—1076, 1317. (See supra, National debt.) War loans— 1913-1916, 3—349, 350, 351. Analysis, 3—350. (See supra, Loans; National debt; War debt.) War. Preparation after, 4—1086, 1087. War Trade Board. (See supra, Transfer of funds.) (See also Deutsche Bank; Dresdner Bank; Disconto- Gesellschaft Bank; German Reichsbank.) GIBSON, H. W. Elected Class B director, Kansas City, 3—8. GIDNEY, R. M. ' Appointed manager, Buffalo branch, 5—201. GIFTS, CHRISTMAS. Use of war-savings certificates favored for, in place of gold coins, 3—931, 951. Use of gold coin for, deprecated, 3—931, 951; 4—1216. GIRARD TRUST CO., PHILADELPHIA. Reasons for joining Federal Reserve System, 3—837. GLASS, CARTER. Appointed Secretary of Treasury, 5—2. Accepts appointment to United States Senate, 5— 1113. Letter to President, 5—1113. 122 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. GLASS, CARTER— Continued. Reply of President, 5—1113. (See Secretary of Treasury.) GLASSWARE. Terms of sale, G—938, 940. GLOVES. Terms of sale, 6—812. GOFF, F. H. Appointed to Capital Issues Committee, Federal Re¬ serve Board, 4—73, 77. Appointed to permanent Capital Issues Committee, 4—364. GOLD. Abrasion of— Conference of governors, 1—15. Use of coin-counting machines deprecated as causing, 3—440. Adjustment of supply, 4—1165. (See infra, Supply.) Agreement. Gold, Argentina, 4—76. American dollar at 6 per cent discount below gold bullion value in Spain, 5—1039. Argentina— Conversion fund— 1900-1918, 5—140. 1910-1920, 6—145, 1297. Gold agreement, 4—76. Terminated, 6—778. Gold embargo, 6—778. Austro-Hungarian bank; gold holdings, 5—197, 295, 1200; 6—144, 1297. Bank of Denmark, gold holdings, 6—1297. Bank of Belgium, gold holdings, 5—140; 6—144, 1297. Bank of England, gold holdings, 5—140, 197, 294, 849, 1200; 6—144, 488, 1296, 1297. Bank of France, gold holdings, 3—14; 5—140, 197, 294, 849, 1200; 6—144, 372, 667, 1203, 1297. Bank of Italy, gold holdings, 5—140, 849, 1200; 6— 488, 1297. Bank of Japan, gold holdings, 5—140, 649, 849, 1201; 6—145, 1297. Bank of Java, gold holdings, 5—1200 ; 6—145, 1297. Bank of Montreal. Sale of rupees, 5—1015. Bank of Naples, gold holdings, 6—144, 1297. Bank of Netherlands, gold holdings, 5—644, 1200; 6—145, 1297. Bank of Norway, gold holdings, 6—145, 1297. Bank of Roumania, gold holdings, 6—144, 1297. Bank of Sicily, gold holdings, 6—144, 1297. Bank of Spain— Gold holdings, 5—1036, 1200 ;6—145, 1297. Gold policy, 5—1039. Gold profit dividend, 5—1040. Bank of Sweden, gold holdings, 6—145, 1297. Bank of Switzerland, gold holdings, 6—145, 1297. Banks of issue, leading. Gold holdings, 3—14, 234, 329, 331, 332, 500, 681; 5—140, 197 , 294, 463, 648, 849, 1008, 1200; 1913-1920, 6—488, 1296. Bars, gold. Are “goods” under section 13, 3—29. Bonus. (See infra, Subsidy.) British Currency Committee— Gold standard after war, 4—1178. Recommends substitution of notes for gold, 5—7. Brussels conference, 6—1129. GOLD—Continued. Bullion, gold. Issue of gold certificates against gold bullion and foreign coin. Act June 12, 1916, 2— 311. Bullion value. American dollar in Spain at a dis¬ count of 6 per cent under, 5—1039. Canada— Federal Reserve Board to release 25 millions of gold for, prior to July 1, 1918, 3—924. Gold reserve of, 1900-1919, 6—144, 145. Central banks of issue, gold holdings. (See supra, Banks of issue.) Certificates, gold. (See Gold certificates, principal heading.) Certificates, gold order. (See Gold-order certificates, principal heading.) Charts— Free gold, 5—137, 138. German Reichsbank, 5—434. Chile, gold-conversion fund, 6—1052. Christmas presents. Use of gold for, deprecated, 3— 931, 951; 4—1216. Circulation. Gold disappearing from, 5—7. Clearance fund. International gold, Pan American Financial Conference, 5—198. Coin and bullion. (See Money, principal heading.) Coin. Gold— Is “goods” under section 13, 3—29. Use of, in pavment of Liberty bond coupons, 6—454. (See supra, Christmas presents.) Committee reports. (See infra, Reports.) Concentration of, 4—694. Conservation of, 2—661; 4—694. (See Conservation, principal heading.) Conversion fund, gold— Argentina, .1900-1918, 5—140; 6—145, 1297. Chile, 6—1052. Control of, by wiping out fictitious reserve balances, 3—2. Control of imports, 3—2. Control of supply, 3—1, 2, 659; 4—1165. Cooperation of State banks, 3—659. Cost of production. Reports on— American committee report, 5—124. British report, 5—123. Interior Department, 5—124. Treasury committee, 5—248. Counting machines, gold. Use of, deprecated as caus¬ ing abrasion, 3—440. Countries. Leading, 1910-1920, 6—1296,1297. Cover, gold. Federal Reserve notes. ( See Federal Reserve Agents; Federal Reserve notes.) Creditor countries need only limited supply of, 5—7. Currency. When paid as, 6—454. Curtailment of. Necessary in gold manufactures, 5— 126. Custody, joint, Federal Reserve Agents and Federal Reserve Banks, 3—615, 691. Decrease in purchasing power of, 5—125. Denmark. Gold policy, 6—35. Discount— (See supra, American dollar.) (See infra, Pound sterling.) INDEX-DIGEST OF FEDERAL, RESERVE BULLETIN. 123 GOLD —Continued. Dividend. Special gold, Bank of Spain, 5—1040. Dollar. ( See supra, American dollar.) Earmarked gold— Bank of England, for Federal Reserve Bank, New York, 3—504. Forms of earmarking, 4—85. Investigation of. Act October 6, 1917. Trading with enemy, 3 —853. No more to be earmarked except with approval of Federal Reserve Board, 3—734. Regulations, 3—853; 4—81. Report. All banks asked for, 3—734. South American account, 3 —77. Embargo, gold— Act June 15, 1917— Executive order, September 7, 1917, 4—499. Argentina, 6—778. Exports and imports during period of, 5—616. Exports since removal of, 6—1018. Inaugurated, September 7, 1917, 5—616. Purpose of, 5—616. Reexports forbidden except to country of origin, 4—10. Rescinded, June 9, 1919, 5—616. Sweden, 4—1091. Excess profits tax, should not apply to gold produc¬ tion, 5—125. Executive order. Act of June 15, 1917, 4—499. Exports— Embargo. Since removal of, 6—1018. (See supra, Embargo.) Federal Reserve Board asked by Secretary of Treasury to scrutinize gold, 3 —655 Foreign indebtedness. Most important function of, to meet foreign indebtedness, 5—125. Licenses_ Federal Reserve Board, 4—23; 5—640. Number and amount, 4—501. Spain, granted to, 4—365. Requirement abolished, 5—615, 653, 853. Manufactures of— Curtailment necessary, 5—126. Jurisdiction transferred to War Trade Board, 4—10. Regulations, War Trade Board, 5—26. Mexico, gold exports to, 5—6. Reexports forbidden except to country of origin, 4—10. Regulations, 3 —736, 738; 4—594. Secretary of Treasury, power to investigate, 3— 861. Spain, export licenses to, 4—365. United States to Japan, 1914-1919, 5—731. United States to Spain, 1916-1917, 5—1039. Exports and imports, United States. (See infra Imports and exports.) Federal Advisory Council. Free gold market, 4— 1173, 1177. Federal Reserve Agents— Holdings of, 3—233; 4—132. Joint custody, 3—615, 691. GOLD—Continued. Federal Reserve Bank notes. Issue against United States one-year Treasury notes, 4—395. ( See Federal Reserve Bank notes; Pittman Act.) Federal Preserve Banks— New item in weekly statements, “Gold held with foreign agencies,” 3—504. Holdings of gold, 3—233; 4—1167, 1168; 5—3, 7, 768, 774; 6—144, 145, 146, 147. (See Resources and liabilities, principal head¬ ing.) Joint custody, 3—615, 691. Reserves. Gold, 1914-1918. (See infra, Hold¬ ings.) Federal Reserve Board— Exports of gold to be scrutinized by, 3—655. Licenses for export to be issued by, subject to approval of Secretary of Treasury, 3—736, 738. Licenses issued, 4—23, 365, 499, 501; 5—640. Abrogated, 5—615, 653, 853. Spain, license issued for gold export to, 4—365. Federal Reserve notes. Issues against gold as se¬ curity, 3—98, 100, 102, 503. Foreign agencies. Gold held with, new item in weekly statements, 3—504. Foreign countries. United States will not lose much gold to, 5—617. Forms. Earmarking of gold, 4—85. Free gold, 4—226, 227; 5—137,138. 1914-1919, 5—774: 6—145. 1920. Fiscal year, 6—724, 725. Chart, 5—773. Free gold market, 4—1167, 1173, 1177; 5—7, 8, 617. German Reichsbank— Gold holdings, 3—15, 16; 5—140, 197, 433, 434, 648, 848, 1200; 6—144, 335, 486, 894, 1076, 1297, 1317. (See German Reichsbank, principal heading.) Germany— Pays gold to United States Grain Corporation for food, 5—821. Weekly statement. Item, “Goldin transit,” rep¬ resents above gold, 5—821. (See Germany, principal heading.) Great Britain— Pound sterling at a discount in Spain, 5—1039. (See supra, Bank of England.) (See Great Britain, principal heading.) Hoarded gold returning to banks, 5—102, 126. (See Foreign depositors.) Holdings of— Banks of issue, leading, 1914-1920, 6—488, 1296. (See Leading banks of issue.) Federal Reserve Agents, 1914-1917. (See Federal Reserve Agents. Federal Reserve Banks— 1914-1916, 3—233; 4—1167, 1168. 1918, 5—3, 7, 768, 774; 6—144, 145, 146, 147. (See Resources and liabilities, principal head¬ ing.) Gain in, 1914-1917, 5—7, 618, 704. (See also principal banks, by name.) 124 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. GOLD —Continued. Imports— Control of, 3—2. Danger from huge, in part averted by anticipation of final reserve payment by Federal Reserve Banks, 3—1. Imports and exports, 1—76, 164, 236, 238, 286, 332, 390, 432; 2—49, 96, 147, 201, 256, 305, 368, 432, 503, 583, 654, 724; 3—71, 75, 149, 153, 229, 237, 327, 422, 496, 575, 650, 728, 746, 825, 916, 988; 4 — 66, 152, 242, 357, 481, 570, 683, 794, 914, 1041, 1159, 1252; 5—6, 7, 96,108,180,198, 290, 313, 403, 415, 509, 605, 617, 618, 696, 704, 809, 821, 901, 1005, 1017, 1100, 1111, 1197; 6—9, 108, 119 (calendar year 1919); 209, 219, 325, 433, 549, 565, 657, 668 (fiscal vear 1920); 671, 760, 780, 888, 900, 909, 1002, 1018, 1109, 1127, 1132, 1248, 1261, 1364. 1913-1915, 1—236. 1919, 5—1017. Imports. Small, 6—779. Increase of gold in United States. (See infra, United States.) India— Production of, 1909-1919, 5—19. Reserves. Gold, 5—950. Rupees. Sale of, at Ottawa for gold, 5—917,1015. Instructions. Exports of gold', 4 —499. (See supra, Exports.) Interior Department committee. Gold production report, 5—124. International Financial Conference, Brussels. Pool¬ ing of, in general fund suggested, 6—1129. International gold clearance fund. Plan prepared by International High Commission of Pan American Financial Congress, 5—198. Japan. Gold exports, United States to, 1914-1919, 5— 731. Joint custody, Federal Reserve Agents and Federal Reserve Banks, 3—615, 691. Leading countries, 1910-1920, 6—1296, 1297. Licenses for export— Federal Reserve Board to grant, subject to ap¬ proval of Secretary of Treasury, 3—736, 738. History of, 4—23. Number and amount issued, 4 —501; 5—640. Requirement discontinued, 5—615, 653, 853. Spain, export of gold to, 4 —365. Lira, gold. Per cent of depreciation of paper over gold lira, 5—846. Manufactures of gold— Curtailment necessary, 5—126. Transferred to War Trade Board, 4 —23. (See infra, War Trade Board.) McFadden gold subsidy bill. Report against. Ameri¬ can Bankers Association, 6—1147. Mexico. Gold exports and imports to and from, 5—6. Mining of gold— Appointment of Treasury committee, 4—1195. Report of Treasury committee, 5—248. Report of Interior Department committee, 5—124. Report of British Commission, 5—123. (See Production.) Movement of, 6—9, 119, 221, 346, 453, 564. Movement of gold and general prices, 1914-1919, 5—S38. GOLD—Continued. Norway, gold policy, 6—35. Notes, United States one-year gold. (See United States One-year Treasury notes.) Operations. (See Gold settlement fund, principal heading.) Order certificate. Gold. (See Gold order certificates, principal heading.) Policy of Bank of Spain, 5—1039. Policy, Denmark, Norway, and Sweden, 1914-1919, 6—35. Policy of Riksbank, Sweden, 4 —377 ; 6—35. Embargo, 4—1091. Pooling of gold in general fund. International Finan¬ cial Conference, Brussels, 6—1129. Pound sterling at a discount in Spain, 5—1039. Prices. Movement of gold compared with general prices, 1914-1919, 5—838. Proclamation— Gold embargo, act June 15, 1917, 4 —499. Removal, 5—615, 853. (See supra, Embargo.) Production— Cost of— Report, British committee, 5—123. Report, Interior Department committee, 5—124. Report, Treasury committee, 4 —1195; 5—248. Excess-profits tax should not apply to gold pro¬ duction, 5—125. India. Production of gold, 1909-1919, 5—19. South Africa, 1909-1919, 5—19. World production, 1900-1919, 5—19. Profit on gold. Bank of Spain, 5—1040. Purchasing power of. Decrease in, 5—125. Reexportation of. Forbidden except to country of origin, 4-10. Regulations— Earmarking of gold, 4—81. Exports of, 4—594. Reports on— American Bankers’ Association. McFadden gold subsidy bill, 6—1147. British currency commission, 4 —1178; 5—123. Interior Department committee, 5—124. Treasury committee, 5—248. Reserves, gold— Bank of France, 6—1203. (See same; principal banks, by name.) Canadian, 1900-1919, 6—145. Central banks of issue— 1913-1916, 2—659; 3—234, 329, 332, 500, 681, 942; 4—243, 267, 269, 375, 996, 1057, 1167; 5—140, 197, 294, 463, 648, 849, 1008, 1200; 6—485, 487, 488, 909, 1044, 1047, 1049, 1295. 1913- 1920, 6—1295. 1900-1919, 6—144. Concentration of, 5—768. Federal Reserve Banks— 1914- 1918, 4—1168. 1917-1919, 5—136, 137, 774; 6—144, 668,1296. (See Federal Reserve Banks.) Inadequate in foreign countries because of in¬ flation of currency, 5—9. INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. 125 GOLD—Continued. Reserves, gold—Continued. India, 5—950. National banks, 1900-1919, 0—144, 1296. United States Treasury, 1900-1919, 6—144, 1296. (See also supra, Banks of issue; Money; Re¬ sources and liabilities, principal heading; Reserves, principal heading.) Rupees— Sale of, for gold at Ottawa, 5—917, 1015. Value. Gold, India, 5—949, 1050. Secretary of Treasury— Asks Federal Reserve Board to scrutinize gold exports, 3—655. Power to investigate gold exports, 3—861. Licenses for gold exports to be issued by Federal Reserve Board subject to approval of, 3— 736, 738. (See supra, Exports.) Settlement fund. Gold. (See Gold settlement fund, principal heading.) Spain— American dollar at 6 per cent discount below its bullion value in, 5—1039. Exports, United States to, 1916, 1917, 5—1039. Gold profit. Dividend, Bank of Spain, 5—1040. License to export gold to, 4—365. Pound sterling at discount in, 5—1039. (See Bank of Spain.) Standard, gold— After war. British currency committee, 4—1178; 5—123. Creditor counties must maintain, 5—7. Relation to public debt, 5—S. State banks. Cooperation in control of supply of, 3— 659. Sterling, pound— (See supra, Pound sterling.) (See Foreign exchange.) Stock in United States. (See Money.) Subsidy— Disapproved— American Bankers’ Association. McFadden gold subsidy bill, 6—1147. British committee, 5—123. Interior Department committee, 5—124. Treasury committee, 5—24S. Would increase prices, 5—124. Substitution of notes for gold. British currency committee, 5—7. Supply- Adjustment of, 4 —1165. Creditor nations need only limited, 5—7. Cooperation of State banks, 3—659. United States. Gain in, 1914-1919, 5—7, 618, 704. (See supra, Control.) Sweden— Gold policy, 1914-1919, 4—377; 6—35. Gold policy, Riksbank, 4 —377; 6—35. Embargo, 4 —1091. Tax. (See supra, Excess profits tax.) Trading in. Ruling, Foreign Exchange Division, 4— 866. GOLD —Continued. Transit, gold in. Item in weekly statements refers to gold paid by Germany for food to United States Grain Corporation, 5—821. Treasury committee. Report on gold production, 5— 248. United States— American dollar at discount in Spain, 5—1039. Gain in gold holdings, 5—6, 7, 618, 704. Only free gold market in world, 5—617. Stock of gold in. (See Money, principal heading.) Will not lose much gold to foreign countries after repeal of embargo, 5—615. (See supra, Embargo.) United States bonds. Exchange of 2 per cent bonds for one-year gold Treasury notes, 1—101. United States Grain Corporation— Sells food to Germany for gold, 5—S21. Weekly statement. Item, “Gold in transit,” refers to above gold, 5—821. United States one-year gold Treasury notes. (See United States one-year Treasury notes.) Value. Bullion. American dollar in Spain is at dis¬ count of 6 per cent below its, 5—1039. Value of rupee. Gold, 5—949, 1050. War Trade Board— Exports of manufactured gold, given jurisdiction over, 4—10. Regulations, 5—26. Weekly statements, Federal Reserve Banks. Item, “Gold in transit,” represents gold paid by Ger¬ many for food sold it by United States Grain Cor¬ poration, 5—821. World production of gold, 1900-1919, 5—19. GOLD CERTIFICATES. Act December 24, 1919. Made legal tender, 6—60. Bullion. Issue of, against. Act June 12,1916, 2—311. Circular letter. Treasury, 3—522. Circulation, in. (See Money.) Federal Reserve Agent, New York, asks State banks to sort out, 3—659. Federal Reserve Banks should receive in payment of reserve balances any form of United States cur¬ rency on same terms as legal tenders or, 3—660. Foreign coin. Issue of, against, 2—311. Hoarded. Returning to banks, 5—102, 126. Outstanding denominations, 4—519. GOLD CONVERSION FUND. (See Gold; Argentina; Chile.) GOLD NOTES, UNITED STATES ONE-YEAR. (See United States one-year Treasury notes.) GOLD ORDER CERTIFICATES. Payment of, in reduction of liability on Federal Re¬ serve notes must be indorsed to Federal Reserve Agent, 1—363. GOLD SETTLEMENT FUND. Audit of, 2—9, 165, 320, 603; 3—611. Change in operation of. Amendment, 3—521. Circular 13, Regulation I, 1915, 1—78. Circular letter, United States Treasurer, 3—522. Clearings and transfers, 1915-1918, 4—338. Daily clearings, 4—951, 610. Condition at beginning of, 1—82. Cost of, 1—401; 2—315; 3—94. 126 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. GOLD SETTLEMENT FUND—Continued. Created, 1—9, 49, 82. Crop-moving period. During, 6—1015. Daily clearings, 4—591, 610. Deposits in, by Federal Reserve Agents, 1—304. ( See Federal Reserve Agents, principal heading.) Drafts originating with one member bank in the inter¬ est of another member bank at a distance, not favored, 3—238. Federal Reserve Agents. Transfer of balances to credit of, through, 1—303. Forms, 3—522. Gold in. To count as reserve, 1—9, 10. Government deposits effected through, 1—301. Instructions, general, 1—82. New fund. All forms of lawful money. Considered, 3—238. Payments in reduction of liability on Federal Reserve notes, may be deposited in, 1—273. Operations of, 1—82, 120, 121, 183, 264, 304, 357, 401; 2— 9, 10, 60, 108, 165, 220, 268, 320, 380, 453, 520, 603, 674; 3—25, 95, 175, 238, 268, 353, 454, 522, 524, 611, 678, 760, 840, 947; 4^26, 105, 223, 338, 459, 548, 661. 772, 773, 892. 1019, 1238; 5—145, 146, 274, 569, 776, 876, 1178; 6—300, '633, 724 (fiscal year 1920), 976, 977, 1015, 1339. 1918, chart, 5—145, 146. Report. Committee of governors, 1—82. Reserves. Counted as, 1—9, 10. Status of, 1—9. Transit managers conference on, 4—1175. GOMPERS, S. Secretary of Treasury writes to, on building opera¬ tions, 4—264. GOOD FAITH, DRAWN IN. ( See Acceptances; Actually existing values.) GOODS, MOVEMENT OF, 1920. Review, 6—1256. GOODS, SECTION 13. Bills against sale of advertising space is a good trade acceptance as advertising space falls within meaning of “goods” in section 13, 3 —114. Gold coin and bars are “goods” under section 13, 3— 29. Labor in itself does not come within meaning of “goods” in section 13, 5—565. Water. Sold by irrigation company held to be “goods,” section 13, 6—949. GOODS, WAREHOUSED. Credits covering. Ruling, Foreign Exchange Divi¬ sion, 4—1217. (See Acceptances; Warehouse certificates.) GOVERNMENT AID. Post war financing, 4—1086; 5—308, 528, 611, 1009, 1012; 1110; 6—137. (See Export trade, financing of.) GOVERNMENT AID TO FOREIGN COMMERCE. Argentina, 5—1048. Canada 5—1047. France, 5—1047. Great Britain, 5—1012, 1046. Italy, 5—1048. Spain, 5—1048. Uruguay, 5—1048. GOVERNMENT BONDS. Discount of paper secured by. ( See Commercial paper; Discount and open-market operations; Dis¬ count rates; Liberty bonds; United States bonds; War paper.) GOVERNMENT CONTROL. Of business. Elimination of, 5—523, 1012. Of railroads. Act March 21, 1918. Text, 4—296. GOVERNMENT DEPOSITORIES. State banks as, 1—274. (See State banks, etc., deposits.) GOVERNMENT DEPOSITS. Crop moving— Government deposits made for, in Federal Re¬ serve Banks, 1—301. Refused by three Federal Reserve Banks, 1—302. Repaid, 2—371. Emergency Fleet Corporation. Deposits of, are not Government deposits and require reserves, 5— 1054. Federal Reserve Banks— Begin January 1, 1916, 2—1. Crop-moving deposits, 1—301. Refused by three Federal Reserve Banks, 1—302. Fiscal agents. (See same.) Fiscal operations. (See Fiscal agency opera¬ tions, principal heading.) Government deposits in. Amount, 5—774. Indian funds, 2—266. Reserves required against, 3—458. Fiscal agents, Federal Reserve Banks as. (See Fiscal agents.) Fiscal year 1920, 6—724, 725. Gross deposits. Member banks can not deduct postal funds from, in computing net deposits, 3—692. Indian funds, 2—266. Member banks— Government deposits in, 4—337, 494, 502, 503, 665, 769; 5—781, 782, 784; 6—726. Postal funds. No deduction of, from gross deposit in computing reserve, 3—692. Reserves. Not necessary for member banks, against Government deposits, 3—458, 692. National banks, Government deposits in, 1914-1919, 4—337, 494, 502, 503, 665, 769; 5—781, 782, 784; 6—726. Net deposits. (See supra, Gross deposits.) New York banks, Government deposits in, 4—665. Nonmember banks— As depositaries in connection with income taxes, excess profits taxes, and Liberty loans, 4—22, 494. Deposits of postal savings funds permitted in, 1—274; 2—331. (See infra, United States Revised Statutes, sec¬ tion 5191.) (See Liberty bond acts; Nonmember banks.) Postal savings deposits. Reserves against, 1—409. Postal savings funds, being time deposits, can not be deducted by member banks from gross deposits to obtain net deposits in computing reserves, 3—692. Reserves against— Federal Reserve Banks must carry reserves, 3—458. Member banks need carry no reserves against, I 3-458, 692. INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. 127 GOVERNMENT DEPOSITS— Continued. Secretary of Treasury. Announcement. Will put Government deposits in Federal Reserve Banks. 1—259, 260. Section 15, Federal Reserve Act— Repeals act of May 27, 1908, Aldrich-Vreeland Act, which repealed reserve requirement against Government deposits, 2—331. Act of May 18, 1916, modifies section 15 by per¬ mitting postal savings deposits in nonmember banks, 2—331. (See Postal savings funds.) Secured by war paper actually owned, 6—163. State banks— Can not be used as depositories of public moneys except postal savings funds, 1—274, 409; 2—331. Depositaries in connection with income taxes, excess profits taxes, and Liberty loans, 4—22, 494. ( See supra, Postal savings funds.) United States Revised Statutes, section 5191— Required reserves to be maintained against Gov¬ ernment deposits, 1—409. Act May 27, 1908. No reserves need be kept by national banks against Government deposits, 1—409. Section 27, Federal Reserve Act, requires re¬ serves by member banks against Government deposits, 1—409. Act April 24,1917. No reserve by member banks against Government deposits, 3—458, 692. United States Shipping Board. Deposits of, are not Government deposits and require reserves, 5— 1054. ( See Liberty bond acts; Resources and liabilities.) GOVERNMENT EXPENDITURES. Fiscal years 1919, 1920, 5—218, 725. Monthly rate of, 5—407, 521, 1009, 1105. Revenues will equal, in fiscal year 1920, 5—218, 726. Secretary of Treasury on, 5—189, 218; 6—113, 341, 709, 1253. (See France; Great Britain; Italy.) War expenses, 5—725. ( See War.) GOVERNMENT FINANCING. Duty of national banks to support, 4—313. (See Secretary of Treasury.) Bond purchases suspended, 6—445. Discussion of, 6—1, 113, 213, 339, 445, 553, 661, 769, 897, 1011, 1123, 1253. Plan for future, 6—113. GOVERNMENT LOANS. (See Allied powers; Foreign Governments; Foreign loans placed in United States; Liberty loans; United States bonds; United States Treasury certificates.) GOVERNMENT LOANS, FOREIGN. Placed in United States, 5—33, 34, 35, 101, 412, 845, 1014; 6—901. GOVERNMENT OFFICIAL BULLETIN, 4—266. GOVERNMENT POLICY, GREAT BRITAIN. Fiscal policy, 5—117. GOVERNMENT PROTECTION. Advertising by member banks of, discouraged, 1—362; 6—65. GOVERNMENT RATES ON OFFICIAL TELE¬ GRAMS. Federal Reserve Agents and Federal Reserve Banks entitled to, 1 —77. GOVERNMENT REVENUES. (See supra, Government expenditures.) (See also, Expenses, United States Government; France; Great Britain.) GOVERNMENT SECURITIES. Bank holdings of. (See Discount and open-market operations.) Depreciation charge, 5—26. Discount rates on paper secured by. (See Discount rates.) Holdings. Member banks. (See Discount and open- market operations; Member bank condition state¬ ments.) Investments of Federal Reserve Banks in. (See Dis¬ count and open-market operations; Earning assets; Resources and liabilities; Total investment opera¬ tions; War paper.) Paper secured by. (See Discount and open-market operations; Earning assets; Resources and liabili¬ ties; War paper.) Rediscount in excess of 10 per cent limitation of paper secured by—■ Act March 3, 1919, amending section 11 by adding a new subsection (m), 5—361,1055. (See Act of March 3, 1919.) (See Ten per cent limitation.) (See also, Commercial paper; Investments; Lib¬ erty bonds; United States bonds; United States one-year Treasury notes; United States Treasury certificates.) GOVERNMENT SUPERVISION, 6—65. (See State banks and trust companies.) (See supra, Goverment protection.) GOVERNOR OF FEDERAL RESERVE BOARD. Harding, W. P. G.— Designated as, 2—437. Redesignated as, 3—659; 4—810; 5—821; 6— 782 (for period ending August 10, 1922). (See Harding, Gov.) GOVERNORS OF FEDERAL RESERVE BANES. Acceptance credits. Report, 5—415. Acceptances, abuse of, 5—415. Aiken, A. L. Resigns as governor of Federal Reserve Bank of Boston, 4—5. Biggs, D. C., elected governor, St. Louis, 5—201. Business readjustment. Conference called by Presi¬ dent, 5—192. Calkins, J. U., elected governor, San Francisco, 5—530. Conferences— With Federal Reserve Board 1 —15, 47, 122, 356; 2—52, 57,152, 206, 437; 3—7, 347, 921; 4L-256, 689; 5—313, 1112; 6-^55, 1123. Expenses of, 2—57; 5—132, 722. Discount rates. Joint conference, Federal Reserve Board and Federal Advisory Council, 5—313. Duties of, 4—373. Expenses of conferences, 2—57; 5—132, 722. Federal Advisory Council, joint conference with, 5—313. Gold settlement fund. Report, 1 —82. 128 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. GOVERNORS OF FEDERAL RESERVE BANKS— Continued. Hines, Railroad Administrator, addresses governors, 5— 307. Joint conference, Federal Reserve Board and Federal Advisory Council, 5 — 313. Kains, A. Resigns as governor of Federal Reserve Bank of San Francisco, 3 — 633. Lynch, J. K. — Elected governor, San Francisco, 3 — 713; 4 —5. Death of, 5—530. McCord, J. A. Resigns as governor of Federal Reserve Bank of Atlanta, 5 — 201. Morss, C. A., elected governor, Boston, 4 — 5. Norris, G. W. Elected governor, Philadelphia, 6— 348. Passmore, E. P., resignation as governor, Philadel¬ phia, 6 — 348. Railroad Administrator Hines addresses governors, 5—307. Reports — Acceptance credits, 5—415. Gold settlement fund, 1 — 82. Van Zandt, R. L., elected governor, Dallas, 1 — 50. Wellborn, M. B., elected governor, Atlanta, 5 — -201. Wells, Rolla. Resignation as governor of Federal Reserve Bank of St. Louis, 5 — 201. Wold, Theodore. Resigns as governor of Federal Reserve Bank of Minneapolis, 5—919. Young, R. A., elected governor, Minneapolis, 5—919. GOVERNORS OF STATES. Conference with the President, 5 — 192. GRACE, DAYS OF. (See Days of grace.) GRAIN. Financing of. Federal Trade Commission, 4 —711. Receipts and shipments of. (See Business conditions; Physical volume of trade; Prices; SaultSte. Marie Canal.) GRAIN CORPORATION. Food Administration. (See Acceptances.) GREAT BRITAIN. Acceptance liabilities. Eighteen joint-stock banks, 5—561. (See infra, Ratio.) Acceptance rates. Increase, 6—955. After-war trade. Preparation for, 4 —1086; 5—114. After-war, trade and industry. Report, 5—114. Amalgamations, Bank, 4 —954. Anglo-French loan, 6—901, 1129. Aid, Government. (See Export credits.) American dollar in. Appreciation of, cuts down our exports, 5—194, 614, 816,1011. Balance of trade— Adverse, declining, 6—908. Lloyd-George, 5—816. With Spain, 1913-1919, 5—1038. Bank amalgamations, 4 —954. Bank credits in war, 5—323. Bank deposits. McKenna, 6—247. Bank of England. (See same.) Bank of Spain. Credits granted to, 5—1040. GREAT BRITAIN—Continued. Bankers acceptances, London, 5—21. Banking conditions, 6—1069. Banking facilities of, 5—119. Banks of issue, leading. Condition. (See same, Prin¬ cipal heading.) Banks, London. Condition, 5—323. Banks operating in Jamaica, 6—1039. Barclay & Co. (Ltd.). Condition, 1914-1919, 6—1045 Bills of exchange. Handling of, 5—352. British Board of Trade. Export credits, 6—1312. British currency committee. Report, 4—1178, 5—7; 6—141. British currency notes. (See infra, Currency notes.) British exchequer notes. (See same, principal head¬ ing-) British Trade Corporation, 5—120. Capital issues, New, 5—121. Chamberlin, Austin. Economic conditions, Europe, 5— 815. Chancellor of exchequer. Comments on Lord Cun- liffe’s report, 6—143. Chart. Prices, United States and. 1914-1918,5—546. Circulating notes. (See infra, Currency notes.) Coal production, 6—844, 1071, 1313. Coal strike, 6—1311. Committee reports. (See infra, Reports.) Condition. Five London banks, 1913-1918, 5—323. Conditions. (See infra, Economic conditions.) Consolidations, bank, 4—954. Cost of living in, 6—845, 957. 1914-1920, 6—1072, 1203, 1313. Credit expansion, London banks, 1913-1918, 5—323. Credit system, before and after war, 5—117. Credits. (See infra, Export credits.) Credits granted to, by Bank of Spain, 5—1040. Cunliffe, Lord— Financial report, 4—1178; 5—7; 6—141. Chamberlain, Austin, on report of, 6—143. (See infra, Reports.) Currency. Bank deposits, prices and. McKenna, 6— 247. Currency notes, 3—11, 330; 6—6, 843, 955, 1069, 1070, 1199, 1312. Debt. Floating, 6—1070, 1199, 1312. Debt of. (See infra, National debt; War debt.) Deposits. Note circulation and, 6—667,1199, 1312. (See Bank of England.) Decimal system, report on, 5—126. Discount rates, New York and London— Gov. Harding on, 5—106. 1920, 6—1199, 1312. (See Discount rates.) Dollar loans to, 4—940. Economic conditions in. Austin Chamberlin, 5—815. Excess profits tax in, 5—123. Exchange. Pegging of, 5—311, 525,1038, 1039, 1110. Exchequer notes— One hundred and fifty millions placed in United States, 3—652. (See British exchequer notes, principal heading.) Expansion, credit. London banks, 1913-1918, 5—323. INDEX-DIGEST OF FEDERAL, RESERVE BULLETIN. 129 GREAT BRITAIN— Continued. Expenditures of. Report, National Commission, 4— 179. Export credits— Government aid to, 5—1012. British Board of Trade, 6—1312. Exports of United States to, cut down by appreciation of American dollar, 5—1011. Exports and imports, 6—618, 669 (fiscal year 1920), 909, 910 (gold to United States); 6—956 (value); 6—1018 (gold to United States'); 6—1071, 1200 (to and from United States); 6—1200 (to France, Bel¬ gium, and Italy); 6—1202, 1313 (value). (See Exports; Exports and imports.) Financial facilities. Report, 5—114. Financial needs, 5—115. Foreign exchange rates— Buenos Aires on, 1914—1919, 6—598. Japan on, 5—733. Madrid on, 1914-1919, 5—1041. Great Britain on Spain, 1913-1919, 5—1038. (See London.) (See Foreign exchange rates.) Foreign exchange situation. Geddes, Sir Aukland, 5— 1011. Foreign trade. (See supra, Exports and imports.) France. Increase in prices greater than in Great Britain, 5—544. Geddes, Sir Aukland. Foreign exchange situation, 5—1011. Gold production. Report, 5—123. (See infra, Reports.) Gold reserves, central, 1913-1920, 6—1296. (See Gold.) Gold standard. Report, 4—1178. Government aid to exports, 5—1012, 1046. Hamlin, Gov. Explains appointment of Paish Com¬ mission, 1—50. Handling of bills of exchange in, 5—352. Harding, Gov. New York and London discount rates, 5—106. (See British exchequer notes, principal heading.) Import restrictions. Removal of, 5—523. Investment trusts, 6—1169. Iron production, 6—1071, 1313. Issues of new capital, 5—121. Jamaica. Banks operating in, 6—1039. Japan. Foreign exchange rates on Great Britain, 5-733. Joint-stock banks. Acceptance liability of 18, 5—561. Condition, 1914-1919, 6—375, 1044. Labor. (See infra, Unemployment.) Liquidation in, 5-—104. Lloyd,-George. Trade balance, 5—816. Loans of, 3—10, 349 From United States, 3—424, 731; 4—279, 940, 1057 to 1077; 5—33, 101, 957, 1014; 6—688, 901. Dollar loans by United States, 4—940. Placed in United States, 5—-33,101,1014; 6—687,901. Loans to other countries, 5—1046. Loans, war, 3—10, 349; 4—268 to 271, 940, 1057,1062, 1072; 5—33, 101, 1014; 6—887, 901. (See Allied powers.) 37599°—21-9 GREAT BRITAIN—Continued. London— New York, and, discount rates, 5—106. Silver prices in. United States equivalent, 1873-1918, 5—949. (See also London, principal heading; Silver, principal heading.) London banks. Condition of five, 5-—323. McKenna. Prices and bank deposits, 6—247. National debt of, 3—10, 349. 1913-1918, 4—268, 269, 270, 271, 1057, 1062, 1072. (See infra, War debt.) National Commission. Report. Expenditures and prices, 4—179. National Provincial and Union Bank (Ltd.). Condi¬ tion, 1914-1919, 6—1046. Notes in circulation, 1914r-1919, 5—849; 6—903,1312. (See supra, Currency notes.) Ocean rates. British shipowners reduce, 5—192. Paish Commission. Explanation of appointment of Gov. Hamlin, 1—50. Paris Bank (London), (Ltd.). Condition, 1914-1919, 6—1047. Pegging of exchange, 5—311, 525, 1038, 1039, 1110. Per capita taxation, 6—955. Pound sterling at discount in Spain, 5—1039. Price control, 1913-1919, 6—243. Prices and bank deposits. McKenna, 6—247. Prices in—- 1913-1918, 5—544, 546. Expenditures and, 4—179. Increase less than in France, 5—476, 544. Increase less than in Italy, 5—476, 544. 1913-1919, 6—166. 1913-1920, 6—279, 388, 506, 616, 708, 905, 954, 957, 1069, 1070, 1198, 1310. (See Prices.) United States— Divergence from, in specified articles, 5—544. Margin greater as compared with United States than before war, 5—543. Maximum increase of prices 15 to 20 per cent above index numbers of United States, 5—543. Rise in— In latter part of 1917 while fairly constant in United States, 5—543. Began to rise one year earlier than in United States, 5—543. Increase higher than in United States, 5—476. Decline in, 6—1127, 1201. Production— Coal, 6—844, 906, 956, 1071, 1202, 1313. Gold. Report, 5—123. Iron, 6—844, 906, 956, 1071, 1202, 1313. Steel, 6—844, 906, 956, 1071, 1202, 1313. Public debt— (See supra, National debt.) (See infra, War debt.) Rates. (See supra, Discount rates; Ocean rates.) Ratio— Acceptance liabilities to capital and surplus, 18 joint-stock banks, 5—561. Gold and silver to note and deposit liabilities, 5—849. 130 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. GREAT BRITAIN —Continued. Reports— British currency committee, 4—1178; 5—7; 6— 141. Chamberlain, Austen, on, 6—143. Decimal system, 5—126. Financial facilities, 5—114. Gold production, 5—123. Prices and expenditures, 4—179. Trade after war, 4—1086; 5—114. Reserves. ( See same, principal heading.) Restrictions on imports. Removal of, 5—523. Russian Soviet Government admits liability to sub¬ jects of, 6—1312. Ship construction, 6—844, 906, 956, 1071, 1202, 1313. Shipowners reduce ocean rates, 5—192. Silver— Holdings, 1914-1919, 5—849. London prices, United States equivalent, 1873- 1918, 5—949. ( See Silver, principal heading.) Soviet Government. (See supra, Russian Soviet Government.) Spain— Balance of trade with, 1913-1919, 5—1037. Pound sterling at discount in Spain, 5—1039. (See Bank of Spain.) Steel production, 6—844, 906, 956, 1071, 1202,1313. Sterling. (See Pound sterling: Sterling.) Tax. (See supra, Excess profits tax.) Taxation. Per capita, 6—955. Trade after war, 5—114. Trade agreement. Russian Soviet Government, 6—1312. Trade balance. Lloyd-George, 5—816. Trade with Spain, 5—1037. Treasury bills placed in United States since August 23, 1917, 4—940. Unemployment, 6—957, 1072. Union of London and Smith’s Bank (Ltd.). Condi¬ tion, 1914-1919, 6—1047. United States— Dollar loans to Great Britain, 4—940. Loans to Great Britain, 3—424, 731; 4—279, 940, 1057; 5—33, 101, 957, 1014; 6—6S8. 901. War- Credit system before and after, 5—117. Financial needs of trade after, 5—115. Preparation after, 4—1086. Trade after, 5—114. War debt, 3—10, 349; 4—269, 1057, 1062, 1072. (See supra, National debt.) War loans— (See supra, Loans.) (See also Bank of England; London.) GREECE. Government and other loans placed in United States; 6 — 688 . GREENBACKS. (See Money.) GROCERIES, WHOLESALE. Terms of sale, 5—1134. Net sales and production, 6—1031. GROSS DEPOSITS. Deductions from, by member banks— Balances due from foreign banks can not be de¬ ducted from balances to, 5—963. Balances due from other banks may be deducted from balances to other banks, 3—692. Balances due from other banks may include checks on banks in same place and exchanges for clearing house, 3—692. Cash on hand can not be deducted from, 3—614, 692. Demand deposits can not be deducted from, 3— 692. Government deposits, except postal savings, can be deducted from, 3—692. (See Deposits; Reserves.) GROSS INCOME. Member banks may exclude from, dividends on stock in Federal Reserve Banks for internal-revenue taxation, 2—153. GROSS RESOURCES. Banks asked by Secretary of Treasury to set aside weekly 1 per cent of, for purchase of United States Treasury certificates, 4 —161. GROUND, ORE IN. Paper based on, not eligible, 1—126. GROUP INSURANCE. Federal Reserve Banks. Plan for, approved, 2— 590; 3—28. GROUPING OF MEMBER BANKS. For election of directors, 2—670; 4 —1055, 1092. (See Directors.) GROWTH. Acceptances, 1—52; 2—590, 669; 3—5, 6, 350, 581, 664; 4—11, 402, 595, 602, 604, 855; 5—767; 6— 559, 666. Discount market, 4 —259. Federal Reserve System, 4 —3. (See Federal Reserve System.) Of production during war, 5 —613. Public debts, 4 —1046. Resources. (See same.) (See Review.) Trade acceptances. (See Acceptance, trade.) GUARANTEED LOANS. International Financial Conference, Brussels, 6—1131. GUARANTEED PRICE OF WHEAT, 4—1088. GUARANTY. Bill of lading, genuineness of, 3—457. (See Bill of lading.) By a national bank of an acceptance made for it by its foreign correspondent, 4 —311. (See however, Volume 7, Federal Reserve Bulletin, May, 1921, page 168.) By directors, of commercial paper, 2—66. GUARANTY COMPANY. (See supra, Acceptances; National banks.) (See infra, Guaranty of bank deposits; National banks.) GUARANTY FUNDS. New York savings banks may invest, in bankers’ acceptances and bills of exchange, 4 —525. GUARANTY OF BANK DEPOSITS. Comptroller of Currency, plan for, 4r—163. Federal Advisory Council opposes, 4 —490. INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. 131 GUARANTY OF BANK DEPOSITS— Continued. Federal Reserve Board contemplates no plan for, 1— 51. Federal Reserve Board opposes, 4—595. Harding, Gov. Attitude toward, 4—596. National banks— Can contract with surety company for insurance of bank deposits, 1—29, 51. Can not join Nebraska system of, 1—109. GUARANTY OF EXPORT CREDITS. International Financial Conference, Brussels, 6—1130. GUARANTY OF INTEREST RATES. Long-term and renewal acceptances are practically a, 2— 587, 588 ; 4—259. GUARANTY TRUST CO., NEW YORK. Foreign loans placed in United States, 5—33. Reasons for joining Federal Reserve System, 3—S34. GUARDIAN. National banks can not act as, 1—269; 4—744. GUATEMALA. Handling of bills of exchange in, 5—346. H. HACKNEY, W. S. Appointed class C director, Boston, and designated Deputy Federal Reserve Agent, 3—7. HAMBURG. (See Germany.) HAMLIN, C. S. Addresses— American Association of Accountants, New York, 2—510. Bankers’ associations— Georgia, 2—261. South Carolina, 2—309. Ohio, 2—510. Virginia, 2—309. Bankers’ Club of Cleveland, 2—261. National Association of Credit Men, 2—309. Pan American Financial Congress, 1—136. Robert Morris Club, 2—309. California trip, 1—49. Capital Issues Committee— Chairman of, 4—364. Suspension of work of, announces, 5—18. Voluntary committee, Federal Reserve Board. A member of, 4—73, 77. Digest of Federal Reserve Act— First edition, 1—15. Second edition, 3—S26; 4—1. Federal Reserve Bank of Atlanta. Visits, 2—261. Federal Reserve Board. Appointed on, for 10-year term, 2—437. Federal Reserve System. Address on, 1—136. Liberty loan tour, 3—429. Paish Commission. Explains reasons for appointment of, 1—50. Pan American Financial Congress. Address before, 1—136. Statement. Losses through issue of worthless securi¬ ties, 5—18. (See also Capital Issues Committee.) HAMLIN, TEXAS. FIRST STATE BANK OF. Reasons for joining Federal Reserve System, 3—369. HAMS. Prices, 1914-1920, 6—1214. HARDING, W. P. G., GOVERNOR. Acceptance credits— Foreign, 2—587. Syndicate, 4—257. Acceptance policy, 4—257. Acceptances, 2—587; 5—105. Acceptances. Bankers’ and trade, 5—105. Acceptances. Financing of cotton by, 4—602, 691, 713, Act of September 7, 1916, error in, 2—508. Aid, Government. (See infra, Exports.) Addresses— American Acceptance Council. Acceptances; open discount market, 5—105. American Cotton Manufacturers’ Association. Financing of cotton by acceptances, 4—595, 602, 691. American Institute of Banking. Acceptances, 2—587. Bankers’ conference. Credit expansion, 6—117. Birmingham Business Men’s Convention. South’s cotton problem, 1—252. Birmingham Chamber of Commerce. Present cotton situation, 2—160. Credit expansion, 6—117. Federal Advisory Council— Expansion, 6—566, 579. Federal Reserve System and war. Rate policy, 4—1175; 5—2. Financial conference. Credit inflation, 6—579. Gold policy, 5—8. International Financial Conference, Atlantic City. Long-term credits for Europe, 5—1012. Liberty loan tour, 3—429. Massachusetts Bankers’ Association. Explains Federal Reserve Board warning against British exchequer notes. Federal Reserve System, 3—2. National Association of Cotton Manufacturers. Financing of cotton by acceptances, 4—713. New York State Bankers’ Association. Federal Reserve System, 2—309. North Carolina State Bankers’ Association. Crop diversification, 3—159. Texas Bankers’ Association. Federal Reserve System, 1—66. Amendments, Federal Reserve Act. (See infra, Congress.) Bank clerks— Deferred classification, 4—597; 958. Exemption from military service, 3—591. Bank deposits. (See infra, Interest.) Bank deposits. Guaranty of. Attitude on comp¬ troller’s bill, 4—596. Banking conditions. (See infra, Discount rates.) British exchequer notes. Explanation of warning, 3—2, 82, 236, 239. Call loans. (See infra, Congress.) Classification. Deferred. Bank clerks, 4—958. Clearing system. Par collections. (See infra, Par collections.) 132 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. HARDING, W. P. G., GOVERNOR— Continued. Congress. Communications to— Call loans, 6 — 345, 368. Discount policy, 6—117, 239, 558, 582. Federal Reserve notes and currency expansion, 5—699. Par clearings, 5—1113; 6 — 489. Senate resolution. Inflation. Reply to, 6-582. Speculative activity. Letter to Senator Owen, 5—1107. State banks. No coercion on, to join clearing system, 6 — 489. Testimony — Amendments, 3—75. Foreign exchange bank, 4—724. Cotton crop — Diversification, 3—159. Financing of, by acceptances, 4 — 595, 691, 713. Financing of purchases of, 4 — 602. Situation, 2—160. South’s cotton problem, 1—252. Credit control, 6—116, 557, 579. Credit expansion, 6 — 117, 557, 579. Credits. Acceptance. ( See supra, Acceptance credits.) Crops. Diversification of, 3—159. Currency inflation. Federal Reserve notes and, 5—699. Deflation. ( See infra, Expansion.) Deposits. ( See infra, Interest.) Deposits. Guaranty of. ( See supra, Guaranty.) Discount market. Open, 5—106. Discount policy, 4—1175; 6—117, 239, 558, 582. Discount rates— Control of banking conditions through, 5—2, 524. ( See Effective control; Speculation.) London and New York, 5—106. War policy, Federal Reserve Board, 4—1175; 6—117, 582. Essential loans, 6—904, 927. Europe. Aid to. ( See infra, International Financial Conference.) Exemption from military service. Employees, 3—591. Expansion, 6—-117, 340, 566, 579. Exports, Government aid to, 5—1012. Federal Advisory Council, addresses before— Contraction, 6—566. Discountrate policy,4—1175; 5—2,8; 6—117,582. Federal Reserve conditions, 6—579. Federal Reserve Banks— Duty of, 3—342. Visits western, 2—152. Federal Reserve Board— Index numbers of, 4—811. Policy, British exchequer notes, 3—2, 82 , 236, 239. Rate policy, 4—1175; 6—117, 239, 558, 582. (See supra, Congress). Federal Reserve notes and currency inflation, 5—699. Federal Reserve System— Operation of, 1—66; 2—309. War and, 3—588; 4—1175; 5—2, 8; 6—117, 582. Financing of cotton purchases, 4—602. HARDING, W. P. G., GOVERNOR— Continued. Foreign acceptance credits. ( See supra, Acceptance credits.) Foreign exchange bank. Opposes, before congres¬ sional committee, 4—724. Foreign Government obligations, investments in. (See supra, British exchequer notes.) Free gold market, 5—8. Government aid to exports, 5—1012. Governor of Federal Reserve Board— Designated as, 2—437. Redesignated as, 3 — 659; 4 — 810; 5—821; 6—782. Governors, Conference of. Attends, at Boston, 2—437. Guaranty of bank deposits. Explains attitude on Comptroller’s bill, 4 — 596. Inflation. Address, bankers’ conference, 6—117. Inflation. Credit, 6 — 579. Inflation. Currency. Federal Reserve notes and, 5—699. Interest on bank deposits, 4—160, 252, 285. (See Interest.) International Financial Conference. Atlantic City. Long-term credits for Europe, 5 — 1012. Investment in foreign Government obligations. (See supra, British exchequer notes.) Liberty loan trip, 3—429. Military service. Exemption from, for employees, 3—591. Open discount market, 5—106. Owen, Senator. Letter to, on speculative activity, 5—1107. Par clearings. Letter on, 5—1113; 6—489. Policy, Federal Reserve Board— Discount rates. War, 4—1175; 6—117, 239, 558, 582. Investment in foreign Government securities, 3—2, 82, 236, 239. Price of wheat guaranteed, 4—1088. Prices, wholesale. Letter to United States Bureau of Labor on index numbers, 4r—811, 812. Reconstruction. W T ar, 5—2. Senate, United States. (See Congress.) Soldiers bonus, 6—340. Southern trip, 1—47. Speculative activity. Letter to Senator Owen, 5—1107. Speeches. (See supra, Addresses.) State banks. No coercion on, to enter clearing system, 6—489. Syndicate acceptance credits. (See supra, Accept¬ ance credits.) Testimony before committees of Congress— Amendments, 3—75. Foreign exchange bank, 4—724. Trade acceptances, 4—602, 691. United States bonds. Effect on 3 per cent bonds of issue of 3£ per cent bonds, 3—341. United States Bureau of Labor. Letter to, on index numbers and prices, 4—811, 812. United States Treasury certificates. On sale of, 3— 342. War— Discount rates during, 4—1175; 6 —117, 239, 558, 582. Federal Reserve System and war, 3—588. Reconstruction, 5—2. INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. 133 HARDING, W. P. G., GOVERNOR— Continued. War Finance Corporation. Appointed managing director of, 4—364. Wheat. Guaranteed price of, 4—1088. HARDWARE. Terms of sale, 6—150. HARDWICK AMENDMENT. (See Exchange charges.) HARDY, C. Appointed Class C director, Richmond, 2—153. HARRIS, B. D. Trade acceptances, 3—245. HARRISON, G. L. Appointed general counsel, Federal Reserve Board, 5—201. Elected deputy governor, Federal Reserve Bank of New York, 6—782. HARTFORD, W. H. Elected Class B director, Atlanta, 3—7. HATS. Terms of sale, 6—808, 809. HAVANA. (See Cuba.) HAWAII— Drafts drawn against shipments to foreign countries from, not subject to stamp tax, 5—467. Federal Reserve Banks can not discount acceptances between United States and, 1—91. Right of national banks to exercise fiduciary powers b in, 5—366. HAY— Acreage and production, 1918, 1919, 5—636, 737, 853, 962, 1053; 6—1062. (See Crop conditions; Physical volume of trade; Prices.) HEATING COMPANIES. Notes of, given for necessary materials or supplies are eligible if satisfactory proportion shown of cash and accounts receivable against current liabili¬ ties, 3—949. HEATH, W. A. Appointed Class C director, Chicago, 3—7. HEDGING. Of discounts and purchases of foreign bills, 5—527. HELENA BRANCH. (See Annual report, page 38.) HELSINGFORS. (See Foreign exchange rates.) HEMLOCK. Price, 1914-1920, 6—1213. HEPBURN, A. B. Elected to Federal Advisory Council, 5—201. HERSON, J. F. Appointed chief Federal Reserve examiner, eastern division, 5—919. Appointed Chief of Division of Examinations, 6—1134. HIBERNIA TRUST CO., NEW ORLEANS. Reasons for joining Federal Reserve System, 3—667. HIDES AND SKINS. Prices, 1914-1920, 6—1213. (See Physical volume of trade; Prices.) HIGGINS, E. F. Appointed assistant chief national bank examiner, Chicago, 3—748. HIGHWAY OFFICIALS. (See Capital Issues Committee.) HINES, DIRECTOR GENERAL OF RAILROADS. Addresses governors of Federal Reserve Banks on loans on certificates of Railroad Administration, 5—307, 308. HISTORY OF FEDERAL RESERVE SYSTEM, 5—766. (See Review.) HOARDED CURRENCY. Coming back into banks, 5—102, 197, 205, 616. HOARDED FEDERAL RESERVE NOTES. Returning to ba nks , 5—102, 197, 205, 616. HOARDED GOLD. Should be turned into banks, 5—126. HOARDED MONEY. About 300 millions of, returned to banks since armis¬ tice, 5—102, 205, 616. HOARDING OF COMMODITIES. Federal Reserve resources can not be used for, 5—1109. (See Warehouse receipts; Speculation.) HOLD OVER. Directors can not hold over after expiration of term, 3—290. HOLDINGS OF PAPER. (See Discount and open-market operations.) HOLIDAY PRESENTS. Use of gold coin for, deprecated, 3—931, 951; 4—1216. HOLIDAY, LEGAL. Extra interest should be charged on notes falling due on a, 4—108. (See Commercial paper.) HOLIDAYS. List of Federal Reserve Banks, 2—68. HOLLAND. Foreign-exchange rates— Berlin on, 6—1076, 1319. Christiania on Amsterdam, 6—43. New York on Amsterdam, 6—50. (See Amsterdam; Bank of Netherlands; Foreign ex¬ change; Netherlands.) HOLLANDER, J. H. Article. Bank holdings of United States Treasury certificates, 4—845. HOLLIS BILL. Federal Advisory Council opposes provisions of, per¬ mitting farm-loan bonds as security for Federal Reserve Bank loans or for member bank accept- tances, 1—394 at 395. HONDURAS. Handling of bills of exchange in, 5—348. HONGKONG. Foreign-exchange rates. New York on, 4—1199; 6— 1161. Gold exports to, since removal of embargo, June 7, 1919, 5—1016. (See China; Foreign-exchange rates.) HONOLULU. Acceptance in trade between Honolulu and Calcutta, held eligible as a trade but not as a banker’s ac¬ ceptance, 1—404. 134 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. HOOVER, H. Credits for canners, 4—606. European financial situation, G—140. European food relief, 6—114. Suggests loans to cattle raisers at not over 7 per cent interest, 3—659. Wheat prices. Guaranty of, 4—1088. HOSIERY. Terms of sale, 6—471. HOUSE OF REPRESENTATIVES. Report Banking and Currency Committee on amend¬ ments to Federal Reserve Act, 3 —191. Report of committees of, on bills proposed by Comp¬ troller of Currency, 4—419 to 434. (, See Congress.) HOUSING AND LIVING CONDITIONS. Report Federal Reserve Agent, New York, 5 —632, 1049. HOUSTON BRANCH BANK. Directors, 5—619; 6—61. (See Branches.) HOUSTON, D. F. Appointed Secretary of Treasury, 6—121. HOXTON, W. W. Appointed executive secretary Federal Reserve Board, 5—918. Appointed secretary Federal Reserve Board, 6—1134. HUNGARY. (See Austria-Hungary; Austro-Hungarian Bank.) I. IDAHO. Laws of— Acceptances, 3 —530. Federal Reserve Bank stock, purchase of, 1—150. Foreign banking corporations, 5—55, 56. Reserves, 3—772. List of State member banks, 4 —92. State banking department urges State banks to join Federal Reserve System, 3—599. IDENTIFICATION. Of agricultural paper, 2—67. Of specific goods represented by acceptances, 1—405. ILLINOIS. Balances. Reserve. Of State banks with other State banks, 1—368. Fiduciary powers— No specific authority for national banks to exer¬ cise, but Federal Reserve Board will issue permits, 2—523. Counsel of Federal Reserve Board will appear in United States Supreme Court on appeal from decision of Illinois Supreme Court holding section 11 (k) unconstitutional, 2—28. Illinois Supreme Court will follow decision of United States Supreme Court in Bank v. Fellows. Licenses will hereafter be given to national banks to exercise fiduciary powers, 4—522. Laws of— Acceptances, 3 —530. Foreign banking corporations, 5—56. Warehouse, 1—261. List of State member banks, 4 — 92. Negotiable instruments act. Has adopted, 4 —971. ILLIN OIS —Continued. Supreme Court of. (See supra, Fiduciary powers.) Transfer agent. National banks can not act as, 2—456. ILLUMINATING OIL. (See Prices.) IMMEDIATE CREDIT AT PAR. Federal Reserve Bank, New York, gives, to drafts on Federal Reserve Bank of Richmond, 1—367. Federal Reserve Banks— Drafts of member banks on, given immediate availability at par, 3—78. Can not receive on deposit bill of lading drafts for collection and, subject to final payment when drawn on demand, sight, or upon ar¬ rival of car, 4—436, 437. (See Clearing System.) IMPAIRMENT OF RESERVES. Penalties imposed by Federal Reserve Banks, 1—12; 2—314. Must pay draft of member bank although reserves impaired, 1—12. IMPERIAL RAW SILK CORPORATION, JAPAN. Organization of, 6—1207. IMPLEMENTS, AGRICULTURAL. (See Agricultural paper.) IMPLIED POWERS. Federal Reserve Banks, 1—104. IMPORT ACCEPTANCES. (See Acceptances, export and import; Acceptances, security.) IMPORT RESTRICTIONS. Removed by Great Britain, 5—523. Removed in part by France, 6—959. Sweden. Gold, 4—1091. IMPORTATION. (See Acceptances, export and import.) IMPORTATIONS. (See Acceptances, export and import.) IMPORTER. (See Acceptances, export and import.) IMPORTERS’ REGISTRATION CERTIFICATES. Ruling, Foreign Exchange Division, 4—864. IMPORTS. (See also Exports and imports.) Bureau of. Gives general blanket license for im¬ ports from Canada with certain exceptions, 4—172. France removes restrictions on, in part, 6—959. Gold. (See same, principal heading.) Great Britain— Ceasing to peg sterling exchange will check im¬ ports into, 5—312. Checked by decline in foreign exchange, 5—818, 1011 . Increase of imports into United States, 5—1011. Lira exchange. Removal of restrictions on, will check imports into Italy, 5—312. Sweden— Control over imports, 4—1091. (See supra, Import restrictions.) IMPORTS AND EXPORTS. (See Exports and imports.) IMPROVED FARM LANDS. ; Definition, 3—618. INDEX-DIGEST OF FEDERAL, RESERVE BULLETIN. 135 IMPROVEMENTS. Of bank premises, charged to current expense account, 5—26. Value of, as part of value of farm lands, 2—608. INADMISSIBLE ASSETS. Definition of. Income tax, 5—472. INCIDENTAL POWERS. Federal Reserve Banks, 1—104. INCOME, UNITED STATES GOVERNMENT. Will equal expenditures in fiscal year 1920, 5—726. (See Government expenses.) INCOME TAX. (See also Stamp tax; Tax.) Deposit of receipts from. Secretary of Treasury, 4r—494. Discount. Computation of, for income tax, 5—249. Dividends— Cash, paid to enable stockholders to subscribe to new stock are subject to, 5—256. On stock of Federal Reserve Banks not subject to, 2— 153. Paid in securities or other property in which earnings have been invested are subject to, 5—256. Stock dividends are subject to, 4—614; 5—256. Excess profits tax. Stock dividends are not subject to, in hands of the individual stockholders, 4— 614. Federal Reserve Banks. Dividends on stock in, not subject to, 2—153. France, 6—957, 958. Installment, payments by, 5—307, 407. Interest, computation of, for income tax payments, 5— 249. Liberty bond I— Income free from, and from excess profits tax, 3— 459. Stockholders receiving dividends payable in, are subject to, 3—-601. Liberty bond II. Income from not in excess of $5,000 face value of, is not subject to, 3—930. Nonresident aliens— United States bonds, United States notes, United States Treasury certificates, and War Finance Corporation bonds are exempt from, in hands of, 5—226. Withholding by banks of income tax on deposits of, 4—163. Secretary of Treasury suggests to Congress changes in, 4—600, 847; 6—341, 1253. (See Secretary of Treasury.) Stock dividends subject to super tax in hands of individual stockholders, 4—614; 5—256. United States Treasury certificates. Use of, in pay¬ ment of. (See United States Treasury certifi¬ cates.) Yield from securities after deducting, 6—9. INCREASE OF CAPITAL, NATIONAL BANKS. (See National banks.) INCREASE AND DECREASE OF CAPITAL STOCK. Federal Reserve Banks. Minimum capitalization of four millions may be decreased after organiza¬ tion without losing franchise, 2—207. Regulation I, 1916, 2—541; 1917, 3—548. 1920, 6—1187. INCREASE OF DISCOUNT RATES. (See Discount rates.) INCREASE OF PRODUCTION. During war by from 16 per cent to 18 per cent, 5—613. INCREASE OF RESERVE REQUIREMENTS. Federal Reserve Board suggests amendment giving power to increase reserve requirements of member banks, 3—99, 102, 108. Federal Advisory Council does not favor, 3—108. INCREASED BANK BALANCES, 5—101. INDEBTEDNESS, CERTIFICATES OF. Director General of Railroads addresses governors of Federal Reserve Banks as to loans on, of rail¬ roads, 5—307. Notes secured by, of railroads, are not subject to stamp tax, provided the par value is not less than amount of the notes, 5—566. INDEBTEDNESS, UNITED STATES CERTIFI¬ CATES OF. (See United States Treasury certificates.) INDEX. Collection conditions. Plan to obtain, 5—547. International price index, description of, 6—26, 499. INDEX DIGEST. Federal Reserve Act, by C. S. Hamlin— First edition, 1—15. Second edition, 3—826; 4—1. Opinions of counsel and rulings of Federal Reserve Board, January 1, 1917-May 1, 1918, 4—571. Rulings of Foreign Exchange Division, 4—864, 973, 1121, 1217; 5—469, 652, 653. Warehouse laws of States, 1—260. INDEX NUMBERS. Volume of trade, 5—77, 157, 267, 379, 484, 580, 670, 753, 867, 974, 1067, 1164; 6—72, 174, 288, 398, 516, 624, 714, 853, 968, 1086, 1216, 1330. 1913-1920, 6—480. (See Physical volume of trade.) Wholesale prices— Foreign countries, 5—476, 543; 6—26, 164, 279, 388, 476, 506, 543, 616, 708, 842, 954, 1069, 1198, 1310. United States, 4—504,810,1005,1100,1203; 5—71, 150, 261, 372, 479, 543, 574, 664, 747, 860, 969, 1061, 1158; 6—30, 68, 165, 168, 280, 282, 393, 499, 511, 611, 616, 666, 702, 712, 836, 850, 962, 1081, 1210, 1260, 1325. United States and foreign countries, 5—476. During the war, 5—543. INDEX NUMBERS, FEDERAL RESERVE BOARD. Difference between, and those of United States Bureau of Labor, 6—1211. INDEX OF PRODUCTION. (See supra, Index numbers, volume of trade.) (See Physical volume of trade.) INDEXES. Banking and financial conditions, 1918-1920, 6—479. Business conditions, 4—491, 597, 697, 809, 1194; 6— 474. Babson, 5—331. Brookmire, 5—332. Canadian, 5—334. Mitchell, 5—336. Person, 5—333. Exports and imports of merchandise, 1913-1920, 6— 482. 136 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. INDEXES—Continued. Foreign trade, 6—694, 841, 953, 1068, 1197, 1309. Establishment of, 6—694. Retail trade, 6—53, 238, 377, 503, 614, 706, 839, 951, 1066, 1195, 1307. Establishment of, 6—53. INDIA. Bank of Montreal. Sale of rupees, 5—917, 1016. Bombay. Foreign exchange rates on, 4:—1199. (See Foreign exchange rates.) British India. Branch of International Banking Cor¬ poration in, 4—946. (See Foreign branches.) Calcutta. (See same.) (See infra, Prices.) Council bills. Method of sale, 5—945. Credits. India and other foreign countries to United States. Assistant Secretary Leffingwell, 4—940. Currency conditions in. Prior to and since war. Re¬ port, Royal Commission, 5—945; 6—253. Currency law. New, British India, 6—1298. Currency reform in, 6—253, 1298. Federal Reserve Board will furnish rupee drafts, 3— 924. (See supra, Bank of Montreal.) (See infra, Rupee drafts.) Foreign exchange rates, New York on Bombay, 6—50. (See Foreign exchange rates.) Gold- Exports to, 6—1018. Gold reserve against rupees— 1910-1920, 6—1297. 1913-1920, 6—1296. • Production of gold in India, 1909-1919, 5—19. Value of silver in rupee, 1873-1919, 5—949, 1050. Leffingwell, Assistant Secretary. Foreign exchange and credits, 4—940. Monetary system, 5—945. N otes— Circulation, 5—950, 951. Ratio reserves to, 5—950, 951. Reserves, 5—950, 951. Prices, Calcutta, 6—954, 963, 1069, 1079, 1209, 1310, 1324. Royal Commission. Report, 1914. Currency and sil¬ ver conditions in, 5—945. Rupee drafts on— Bank of Montreal, 5—917, 1016. Federal Reserve Board will furnish, 3—924. Secretary of Treasury will furnish, 3—924. Rupee reserves, 6—1297. Rupees— Gold value of silver in, 1873-1919, 5—949, 1050. Federal Reserve Board will furnish rupee ex¬ change, 3—924. Sale for gold at Ottawa, 5—917, 1016. Securities against notes, 5—950. Silver. Gold value of, in rupee, 1878-1919, 5—949, 1050. Silver bullion. Shipments to India of, 4—941. Silver. Conditions and price prior to and since war. Royal Commission Report, 5—945. INDIAN FUNDS. No bank to. be rejected as depository of, because it has rediscounted with a Federal Reserve Bank. Ruling, Interior Department, 2—266. INDIANA. Laws— Acceptances, 3—530. Fiduciary powers, national banks, 1—150. Reserves, 3—772. Warehouse, 1—261. List of State member banks, 4—93. INDIVIDUAL DEPOSITS. Balances due to foreign banks are to be classified as, not as bank deposits, 5—963. (See Deposits; Gross deposits.) INDIVIDUAL SUBSCRIPTIONS. To United States Treasury certificates, 4—1147. (See United States Treasury certificates.) INDORSEMENT. Acceptances— Acceptances bearing, in blank, can change own¬ ership without indorsement, but better prac¬ tice is to have specific, of the seller, especially when purchaser is not quite certain as to gen¬ uine character of signatures on the bill, 4— 744. Hoped that ultimately Federal Reserve Banks will make rule to buy no bankers’ acceptances not bearing at least three responsible sig¬ natures, of acceptor, drawer, and indorser, 4—744. (See infra, Indorsing bank.) Allonge. Note containing an indorsement on sep¬ arate piece of paper; held negotiable, 2—610. Bill payable to order of drawee not negotiable unless it has, of drawee, 4—110. Bill of exchange. (See supra, Acceptances.) Blank. Indorsement in blank passes title, but better practice is to require a specific indorsement, 4r— 744. Clearing items, 2—314. Collateral for Federal Reserve notes must have, 1— 127, 363. Directors— Indorsement by, of suspended bank may be required before discounting, 2—66. Resolution for, as to discount of notes signed by, 3—929. Drawee. Bill payable to order of, not negotiable without indorsement of, 4—110. Enemy, or ally of enemy. Travelers’ checks not over $100 bearing indorsement of, may be paid with¬ out license, 4—11. Genuineness._ Indorsement of bill specifically ex¬ empting indorser from responsibility for validity, etc., of accompanying bill of lading does not affect eligibility, 3—457. Member bank. Note of, for 90 days used for carrying or trading in United States obligations, when indorsed by, is eligible, 4—743, 863. Member bank collateral note. No, of collateral nec¬ essary if already in negotiable form, 2—685. Negotiable instrument. Indorsement of a, is “trade” under trading with enemy act, 3—S51. INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. 137 INDORSEMENT—Continued. Nonmember bank— Ten per cent limitation of section 13 does not ap¬ ply to indorsement of a nonmember bank on paper rediscounted with a member bank, 4—520. Notes of, when offered and indorsed by member banks are eligible if proceeds used for carry¬ ing or trading in United States obligations, 4—743. A note otherwise eligible is not made ineligible because it bears indorsement without re¬ course of a, 4—745. ( See Nonmember banks.) ( See infra, Rediscounts.) Quality of goods. ( See supra, Genuineness.) Recourse, -without. ( See supra, Nonmember bank.) Rediscounts— Indorsement for rediscount creates contingent liability, and customer giving note ceases to be a borrower of indorsing bank, whether a member or nonmember bank, 4—520, 638, 867. (See Borrower.) Require only simple indorsement of member bank, 2—524. Statement. Bills drawn in foreign countries on American acceptors, 2—111. Trade. Indorsement of a negotiable instrument is “trade” under trading with enemy act, 3—891. Waiver. Indorsement operates as a, 2—524. Without recourse. Purchaser takes a note indorsed, subject to United States Revised Statutes, section 5200, 4—34. INDORSER. Released on bill payable at sight, but accepted pay¬ able in three months, 2—463. Presentment for acceptance of sight draft releases, 4—109. INDORSING BANK. Section 5202, United States Revised Statutes, amended by creating another exception. Liabilities cre¬ ated by the indorsement of accepted bills payable abroad and discounted at home or abroad, when actually owned by, 5—965, 966. INDORSING BANK OR BANKER. Statement as to financial condition of acceptor or drawer, 2—111. INDUSTRIAL BOARD. Appointed by Secretary of Commerce to study read¬ justment of price conditions, 5—196, 246, 341, 344. Plan of price stabilization, 5—341, 344. INDUSTRIAL CONDITIONS. ( See Business conditions.) INDUSTRIAL CREDIT, BELGIAN, 5—309. INDUSTRIAL DEVELOPMENT. Capital available for, 5—102. INDUSTRIAL LOANS, FOREIGN. Placed in United States, 5—33, 101, 845,1014; 6—687, 691, 901. (See Foreign loans.) INDUSTRIAL READJUSTMENT, 5—192. (See Business readjustment.) INDUSTRIAL TRANSITION AND PRICES, 5—104. INDUSTRIALS. (See Capital Issues Committee.) INDUSTRIES. (See Business readjustment.) INDUSTRY. Business, finance, and, 6—783. (See Business conditions.) Federal Reserve Agents on, 5—1017. Rationing of. Dr. A. C. Miller on, 4—922, 923. (See Banking and industry in Switzerland; Business conditions; Conservation of credit; Credit.) INELIGIBLE. Federal Reserve Bank director not, to serve out term on redistricting, 1—103. Person living in part of district transferred not eligi¬ ble for appointment as director in district from which transferred, 2—607. (See Acceptances; Agricultural paper; Bankers ac¬ ceptances; Bills of exchange; Commercial paper; Eligible; Exchange, payable in; Farm land loans; Negotiable; Ten per cent limitation, section 13.) INFLATION. Bank credits, 5—306. British Committee, House of Commons, on, 4—179. Contraction necessary, 5—2. Credits. Long-term. (See infra, Long-term credits.) Definition of, 5—614. Discussion of, 4—2, 79, 249, 928,1047,1167; 5—8,102, 409, 524, 614, 699, 813, 913; 6—113, 116, 217, 221, 448, 553, 555, 665, 774, 897, 1013, 1124. Export trade securities, when purchased, may go into banks and cause, 5—614. Federal Reserve Agents, report on, 5—1017. Federal Reserve notes are not cause of inflation, 2—212; 4—927. Federal Reserve notes and currency inflation, 5—699, 813. Government bond issues and. London Economist, 3—518. Harding, Gov., address on, 6—117. Inflation less than supposed, 4—79, 1047 ; 5—102. International financial conference, Brussels, report on, 6—1277. Liquidation. Real, shown by test, 5—103. London banks, 1913-1918, 5—323. London Economist— Government bond issues and, 3—518. Prices and, 3—375. Long-term credits. Continuous excess of exports paid for by, will cause, 5—528. Member banks, 5—1010. Much less than exists abroad, 4—1167. New York banks, 5—1016. Notes. Short-term notes, issued in lieu of long-term bonds may operate to increase, 5—190. Overexportation and, 5—1014. Peace. Inflation after, 5—9. Prices and inflation. London Economist, 3—375. Prices. High. Inflation of bank credits and, 5—191, 195, 310, 416, 524, 699, 814, 911. Prices. Inflation of, 5—8. Readjustment. Inflation should be guarded against during, 5—523. 138 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. INFLATION—Continued. Report on— Federal Reserve Agents, 5—1017. International financial conference. Brussels, 6—1277. Short-term notes issued in lieu of long-term bonds may cause, 5—190. Test of inflation. Shows real liquidation, 5—103. Victory loan. Inflation will continue until absorption of, 5—306. Victory notes. ( See supra, Short-term Victory notes.) Wars, foreign. Inflation has followed almost all, 5—1015. World condition of inflation, 5—2. (See Credit expansion; Expansion; Federal Reserve notes.) INFORMATION, CREDIT. Federal Reserve Banks may advise member banks in advance as to credit of borrowers in their districts 1— 347. INSOLVENT BANKS. Payment of dividends to, 1 —267. Repayment of stock subscriptions to, 1 —267. INSTALLATION, COST OF. Drafts drawn for purchase price including, of electric and mechanical goods, when accepted are good trade acceptances, 4—310. ( See Acceptances, trade.) INSTALLMENT SALES. Purchaser on installment plan accepts a bill for each installment, before delivery, and authorizes seller to fill in his name as drawer and also to fill in maturity date of each installment as it falls due. Held a valid trade acceptance taking preferential rate, 4—437. INSTALLMENTS. Payment by— Excess profits tax, 5—407. Income tax, 5—407. Liberty Loan IV, 5—100. Victory loan, 5—407. Reserves. Anticipation of last, 2—5, 668; 3—1,101. (See Reserves, principal heading.) Trade acceptances based on. ( See supra, Install¬ ment sales.) INSTITUTE OF EXCHANGE. (See Italian Institute of Exchange.) INSTRUCTIONS. To dealers in foreign exchange, 4—185, 622. (See Foreign Exchange Division; Regulations.) INSTRUCTIONS, SPECIAL, NO. 1. Kern amendment, 2 —389, 392. INSTRUCTIONS, SPECIAL, NO. 2. Discount and open-market operations, 2—529. INSURANCE. Currency shipments by mail, 3—615; 5—27. Deposits. (See Guaranty of deposits.) Group, Federal Reserve Banks. Plan approved, 2— 590 ; 3—28. Unfit notes, 1 —306. INSURANCE AGENT. Amendment permitting national banks to act as, 2—440. Enacted into law. Act of September 7, 1916, 3—164. INSURANCE AGENT—Continued. National bank officers can not act as, 2—73. Regulations, 3—164. INSURANCE COMPANIES, ENEMY OR ALLY OF. Licenses, Secretary of Treasury, 3—838. INSURANCE COMPANIES. Report, Foreign branches of, 5—637. INSURANCE COMPANY. Casualty. Draft against policyholder for premiums not a valid trade acceptance, 4—309. National bank officers. Can not write insurance for, although all profits given to bank, 2—73. (See supra, Insurance agent.) INSURANCE, GROUP. Federal Reserve Board approves plan for, 2—590; 3—28. INSURANCE SURVEYS, MARINE. Authorized by War Trade Board, 4—171. INTENTION TO EXPORT. (See Acceptances; Exportation and importation.) INTERBANK LOANS. (See Federal Reserve Bank and branch cities.) INTER-FEDERAL RESERVE BANK REDIS¬ COUNTS. (See Rediscounts.) INTERDISTRICT CLEARING SYSTEM. (See Clearing system.) INTERDISTRICT MOVEMENT. Federal Reserve notes, 1—351; 2—258, 435, 657; 3—648, 914; 4—147, 472, 786, 1153; 5—176, 504, 802, 1094; 6—202, 542, 881, 1241. INTERDISTRICT TIME SCHEDULES. Conference, transit managers, 4—1175. Approved by Federal Reserve Board, 6—746, 987. INTEREST. (See also, Discount rates.) Acceptances— Federal Reserve Banks to make up for loss of, in collecting, 4—521. Renewal, are in effect a guaranty of interest rates, 2—587, 588. Accrued— A note payable on demand is not held to be renewed and subject to tax when accrued interest is paid thereon, 3—950. United States bonds. Allotment, 1—355, 356. Bank deposits— Conference with clearing houses on, 6—3, 157. Federal Advisory Council. Interest on, 1—394. Federal Reserve Board— Against high rates on, 4—690. Approves New York plan, 4—285. Position of, 4—362, 690, 806. Federal Reserve Bank discount rates. Fixed with relation to, 4—690, 806. Resolution of clearing house representatives. Maximum rate of 2\ per cent, 6—157. Harding, Gov. Statement on, 4—160, 252, 285. History of, 4—286. New York banks— Agreement, 4—253, 285. Approved by Federal Reserve Board, 4—285. New York Clearing House— Resolution, 1858, 4—286. Resolution, 1873, 4—287. Resolution, 1884, 4—290. INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. 139 INTEREST—Continued. Bankers’ acceptances. Commercial rates. ( See Fed¬ eral Reserve Bank and branch cities.) Based on maturity at time of discount, 2—461. Bill of lading drafts, 4—436, 437. Call loans, 5—429, 524, 617, 1009. Federal Reserve Agent, New York, report on, 6—369. Federal Reserve Board to Senate on. 6—345, 368. Cattle loans. Commercial rates. ( See Federal Re¬ serve Bank and branch cities.) Collected but not earned, 5—249. Commercial paper. New York market, 1914-1920, 5- 429, 6—479, 941. Commercial rates. ( See Federal Reserve Bank and branch cities.) Computation of— Income tax, 5—249. Method, 2—272, 457; 3—951. 360-day table, 2—457, 458. Notes falling due on Sundays or legal holidays, 4—108. Coupons, Federal Farm Land Banks, to be paid by Federal Reserve Banks, 4—435. Deposits, bank. ( See supra, Bank deposits.) Earned but not collected, 5—249. Federal Advisory Council. Recommendations on, 6— 224. Federal Farm Loan Board. Interest on bonds issued, 5—129. Federal Reserve Agents. R-eports on rates of, 6—571. Federal Reserve Bank and branch cities. Commer¬ cial rates. ( See Same.) Federal Reserve Bank discount rates. Interest on bank deposits fixed with relation to, 4—690, 806. Federal Reserve Board—• Against high rates on bank deposits, 4—690. Approves New York plan for interest on bank deposits, 4—285. Position of. Interest on bank deposits, 4—362, 690, 806. ( See supra, Bank deposits.) Federal Reserve notes. Federal Reserve Board not bound to charge interest on, 2—273. Foreign securities. Interest on, held in United States, 5—526. Guaranty of. Renewal acceptances are in effect a, 2—587, 588. Indorsement of. Not a renewal subject to tax, 3—950. Interbank loans. Rates. ( See Federal Reserve Bank and branch cities.) Inter-Federal Reserve Bank rediscounts. Computa¬ tion of— 365 days, 4—109. 360 days, 4—744. (See Rediscounts.) Liberty bonds. Interest lower than commercial rates on capital, 5—408. Liberty Loan IV, 5—100. New York, 6—479, 941. Call loans, 5—429, 524, 617, 1009; 6—369. New York Clearing House. ( See supra, Bank de¬ posits.) New York market. ( See infra. Rates.) INTEREST—Continued. Rates— Based on maturity at time of rediscount, 2—461. Equalization of New York and Chicago 90-day rates, 4—691. Federal Reserve Board against high, on bank de¬ posits, 4—690. Fixed with relation to Federal Reserve Bank dis¬ count rates, 4—690, 806. New agreement, 6—157. New York market, 1918-1920, 5—429; 6—479, 941, 942. (See supra, Bank deposits; Discount rates.) Readjustment to new rates of interest return, 5—408. Rebate of, 1—308; 2—461; 3—949. Resolutions on. (See supra, Bank deposits.) Trade acceptances, payable with interest after matur¬ ity for delayed payment are valid, 3—200. United States. Interest payable in, on our holdings of foreign securities, 5—526. United States bonds. Accrued interest. Allotments for purchase, 1—355. Usurious rates— Bill. Comptroller of Currency, 4—428. National banks, 3—292. Victory loan, 5—100, 218. War paper, commercial rates. (See Federal Reserve Bank and branch cities.) Warehouse receipts— Commercial rates on paper secured by. (See Federal Reserve Bank and branch cities.) (See also Acceptances; Bills of exchange; Dis¬ count rates; Rates; Warehouse certificates.) INTEREST-BEARING DEBT, UNITED STATES, 3—343; 4—268, 278, 1061; 5—225; 6—661, 1123. (See Public debt.) INTEREST, CERTIFICATES OF EQUITABLE. In a note are not eligible, 3—949. INTEREST, USURIOUS. Bill, Comptroller of Currency, 4—428. National banks, 3—292. INTERIOR, DEPARTMENT OF. Deposits of Indian funds will not be revoked because banks have rediscounted with Federal Reserve Banks, 2—266. Report of committee of, on gold production, 5—124. INTERLOCKING DIRECTORS. (See Clayton Act.) INTERNAL REVENUE, COMMISSIONER OF. (See Commissioner of Internal Revenue.) INTERNAL-REVENUE TAX. (See Excess-profits tax; Income tax; Stamp tax; Tax; War-profits tax.) INTERNAL WAR LOANS. European countries, 4—1070. (See European countries; War loans.) INTERNATIONAL BALANCE, UNITED STATES. Analysis of, 6—902. INTERNATIONAL BANK. Proposed by International Financial Congress, Brus¬ sels, 6—1130. Report, 6—1281. 140 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN INTERNATIONAL BANKING CORPORATION, NEW YORK. Branch in San Francisco, 5—358. Business and branches of, 4—944. Foreign branches, 5—358, 562, 854, 962, 1050, 1154; 6—273, 492, 607, 944, 1298. National City Bank, New York, given permission to subscribe to stock of, 4—937. INTERNATIONAL CONTROL OF EXCHANGE. Proposed by International Financial Conference, Brussels, 6—1131. INTERNATIONAL CREDITS. Resolution, International Financial Conference, 6— 1286. INTERNATIONAL FINANCIAL CONFERENCE, BRUSSELS. League of Nations issues call for, 6—1129. Proceedings, reports, and resolutions, 6—1277-1293. INTERNATIONAL FINANCIAL SITUATION. Hoover, H., on, 6—140. Secretary of Treasury on, 6—139. INTERNATIONAL GOLD CLEARING FUND. Pan American Financial Congress, 5—198. INTERNATIONAL GUARANTY OF EXPORTS. International Financial Conference, Brussels, 6—1130. INTERNATIONAL HIGH COMMISSION. Gold clearance fund, 5—198. Report of checks, 4—518. INTERNATIONAL LOAN. International Financial Conference, Brussels, 6—131. INTERNATIONAL PRICE INDEX, 6—26, 164, 499, 616, 712, 1310. INTERNATIONAL TRADE SYNDICATE. International Financial Conference, Brussels, 6—1131. INTERPRETATION. Section 22, Federal Reserve Act, 1—16. (See Construction; Section 22, Federal Reserve Act.) INTERSTATE COMMERCE COMMISSION. Recommendations of Class A directors to, as to in¬ creased railroad rates, 6—581. INTRADISTRICT CLEARING SYSTEM. (See Clearing system.) INVESTIGATION. President given power of, of any transaction in United States bonds or certificates, 4—961. (See Trading with enemy act.) INVESTMENT. (See Permanent investment.) INVESTMENT BANKERS ASSOCIATION. Cooperation with Capital Issues Committee, 4—263. INVESTMENT COMPANY. New York banks authorized to invest, up to 10 per cent, etc., in stock of any, authorized to accept drafts, discount commercial bills, issue letters of credit, etc., 4—525. INVESTMENT IN BANK BUILDINGS. Bill of Comptroller of Currency, 4—433. (See Federal Reserve Banks.) INVESTMENT CONDITIONS, 6—223, 452. (See Business conditions.) INVESTMENT OF TRUST FUNDS. (See Fiduciary powers; Trust funds.) INVESTMENT OPERATIONS. Federal Reserve Banks, 1—233; 2—251, 300, 363, 425, 498, 578, 647, 719; 3—66, 76, 144, 225, 237, 321, 415, 490, 500, 569, 644, 721, 819, 909, 982; 4— 57, 141, 233, 346, 466, 557, 671, 781, 901, 1028, 1144, 1242; 5—84, 165, 279, 389, 492, 590, 680, 790, 882, 987, 1010, 1082, 1181; 6—89, 189, 305, 412, 529, 640, 739, 869, 983, 1100, 1230, 1347. INVESTMENT PROBLEM. Long-term credits an, and not a banking problem, 5— 611. INVESTMENT SECURITIES. Depression in, 6—223. INVESTMENT TRUSTS, 5—412, 413, 524, 525; 6— 1168, 1169 (Great Britain). INVESTMENTS. American, abroad, 6—687, 777. Banks in United States, all, 5—838, 1010. Chart, Federal Reserve Banks, 3—56. Domestic. Condition of, 5—527. Earnings on. (See Discount and open-market opera¬ tions.) Federal Reserve Banks. (See supra, Investment operations.) Fiscal year 1920, 6—669. Foreign Government securities— Warning of Federal Reserve Board against over¬ investment in, 2—661; 3—2, 82, 236, 239. (See British exchequer notes.) Foreign investments held by American interests, 6— 687, 777. Government securities. (See supra, Investment operations.) Member banks, 4—664; 5—838, 1010; 6—726, 728. National banks— 1913- 1917, 4—337. 1914- 1919, 5—782 ; 6—726, 727, 728. May invest in mortgage certificates of a trust company secured "by other notes in turn secured by real estate mortgage. If mort¬ gage certificate is secured directly by real estate mortgage or deed of trust, limitations of section 24 would apply, 4—30. Loans secured by farm loan bonds are not real estate loans and may be discounted bv. 4—635. (See National banks.) New York banks, 4—664, 1048. Reduction in, necessary to absorb gold imports 3—76. Warrants— (See Investment operations.) (See also Discount and open-market operations; Investment operations; Member banks; National banks. IOWA. Acceptance laws, 3—530. Amendments to banking laws, 5—567, 744. Federal Reserve Banks. Laws as to purchase of stock in, 1—150. Foreign banking corporations. Laws, 5—56. List of State member banks, 4—93. Reserve laws, 3—772. INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. 141 IRON. Price, Germany, 6—1318. Production, Great Britain, 6—1071, 1313. Terms of sale, 6—148. (See Pig iron.) IRON AND STEEL PRODUCTS. Stabilization of prices. Industrial Board, 6—196, 246, 341, 344. Terms of sale, 6—148. (See Physical volume of trade; Prices; Wholesale prices.) IRON ORE. (See Physical volume of trade; Prices; Wholesale prices; Sault Ste. Marie Canal.) IRRIGATION COMPANY. Paper of, is eligible. W’ater is “goods,” section 13, 6—949. IRVING NATIONAL BANK. Foreign banking development. Article, 5—23. ISSUANCE OF CIRCULARS AND REGULATIONS. (See Circulars and regulations.) ISSUE Banks of. Condition, 2—658; 3—234, 329, 500, 681, 942;. 4—243, 267, 269, 375, 996, 1057, 1077, 1167; 5— 140, 197, 294, 463, 648, 840, 849, 1007, 1200; 6— 218, 485, 487, 488, 909, 1044, 1047, 1049, 1295. (See Banks of issue, leading.) Expense of, Federal Reserve notes, 2—12, 58, 59, 71, 111, 219, 387, 595. (See Federal Reserve notes.) Liberty Bonds, I to IV, 5—225. (See same, principal heading.) Original cost of, Federal Reserve notes. (See Federal Reserve notes.) U. S. Treasury certificates. (See same.) See also European central banks; Federal Reserve ex¬ change drafts; Federal Reserve Bank notes; Federal Reserve notes; Foreign banks of issue; France; Great Britain; Italy; Japan; Leading banks of issue; Liberty loans; United States Treasury certificates. ISSUE AND REDEMPTION, FEDERAL RESERVE NOTES. Regulation O, 1—215; 3—667, 941. (See Federal Reserve notes.) ISSUE OF STOCK CERTIFICATES, FEDERAL RESERVE BANKS. Regulation I, 1920, 6—1187. ISTHMUS OF PANAMA. Branch of International Banking Corporation at Panama, 4—946. Federal Reserve Banks may discount acceptances based on shipments between the continental United States and the Canal Zone, 1—91. National bank, with a branch on Isthmus of Panama, may loan on real estate, under section 24, if situ¬ ated within 100 miles of the branch, 3—952. Shipment from territorial United States to the Canal Zone are not shipments to foreign countries and are subject to stamp tax, 5—467. ITALIAN INSTITUTE OF EXCHANGE. Description of, 4—594. Lira exchange. Regulations, 5—469. Regulations of, still in force, 5—469. ITALIAN INSTITUTE OF EXCHANGE—Continued. Work done by, 5—847. (See Foreign exchange.) ITALY. Bank of Italy. (See same.) Bank of Naples. (See same.) Bank of Sicily. (See same.) Banking and economic conditions, 1914-1919, 5—840. Banks of issue. Condition, 6—218, 1297. (See supra, Issue.) Bread subsidy, 6—1321. Bread tax, 6—960. British exports and imports to and from, 6—1200. Budget, 6—489, 960, 1320. Cost of war, 5—845. Debt, public, 3—349; 4—268, 277, 1061; 5—845; 6— 489. Dollar loans to, 4—940. Expenditures and revenue, 6—1320. Exports and imports, 6—508. Fiscal reform, 6—489. Foreign exchange. (See Italian Institute of Ex¬ change.) Foreign exchange rates— Berlin on, 6—1076, 1319. Buenos Aires on, 6—598. London on, 6—1070. New York on Milan, 6—49. On foreign countries, 1914-1919, 5—846. (See Foreign exchange.) Gold reserves, 1913-1920, 6—1296, 1297. Government aid to foreign commerce, 5—104S. Italian Institute of Exchange. (See same.) Lira exchange— Decline in, 5—525. Federal Reserve Board removes all restrictions on, 5—311, 469. Imports restricted by condition of, 5—311. Regulations of Italian Institute of Exchange still in force, 5—469. Lira, gold. Percentage of appreciation over paper lira, 5—846. Loans from United States Government— 1917-1919, 3—424, 731; 4—279, 1059, 5—33, 845, 957, 6—688, 901. (See Allied powers.) Placed in United States, 5—33; 6—688, 901. National Institute of Foreign exchanges. (See Italian Institute of Exchange.) Notes in circulation. Three banks of issue, 1914-1919, 5—843. Notes, Government, 1914-1919, 5—843. Price control, 6—243, 246. Prices— 1913-1920, 5—476, 544; 6—31, 166, 281, 391, 508, 620, 711, 848, 959, 1080, 1210, 1320. Greater increase than in United States or Great Britain, 5—544. Rose earlier, 5—544. Public debt. (See supra, Public debt.) Revenue and expenditures, 6—489, 960, 1320. Rome. (See same.) Taxation, 6—489, 960. 142 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. ITALY —Continued. United States. Government and other loans placed in, 5—33; 6—688, 901. ( See supra, Loans.) War debt, 3—349 ; 4^268, 277, 1063, 1073; 5—845; 6—489. ITEM. Cash in vaults and with Federal Reserve Banks may be reported as one, 2—668. ITEM BASIS. Charges of Federal Reserve Bank of Boston on, 3—162, 164. ITEMS. Cash items— Bankers’ acceptances to be handled as, 4 —371. Service charges for, abolished, 4 —371. Trade acceptances to be handled as collection and not as, 4—371. Check items. Trade acceptances to be handled as collection and not as, 4—371. Collection items— Charge of 15 cents per item on each item returned unpaid, 4 —371. Service charge of 10 cents abolished, 4 —371. Trade acceptances to be handled as, 4 —371. Collection of items— Drawn on member banks, 1—346. Voluntary as to, by national banks on nonmem¬ ber banks, 2—456. Of items not covered by present collection sys¬ tem, 1—346. Federal Reserve Banks— May require depositing nonmember banks to maintain balances, 3—617. Must receive items in time for presentation at maturity, 5—246. Size of— Bank discounts, 6—1017. Member bank collateral notes, 6—1017. Reduction in, 6—1018. ( See Discount and open-market operations.) Uncollected items. ( See Clearing system; Resources and liabilities.) J. JACKSONVILLE. Branch bank, 4 —596, 695. Directors, 5—126; 6—61. Employees, 5—778. JAFFRAY, C. T. Elected to Federal Advisory Council, 5—201. JAMAICA. Banking laws, 6—1039. Banks— British, operating in, 6—1039. Canadian, operating in, 6—1039. Operated by Government of, 6—1039. Foreign banking in, 6—1039. Handling of bills of exchange in, 5—462. JAPAN. Allies. Credits to, 6—732. Associated banks of Tokyo. Condition, 6—1078. Bank of Japan. ( See same.) Banking and economic conditions in, 5—731. J APAN —Continued. Banks of issue. Condition, 1913-1920, 6—488, 1077, 1078. ( See Issue, Banks of.) Branch of International Banking Corporation in, 4 — 946. Capital issues in, 6—961. Cotton yam. Prices, 6—1077, 1208. Credits to allies, 6—732. Currency expansion, 6—903. Foreign exchange rates on foreign countries and United States, 1914-1919, 5—733; 6—903. Per cent of parity on London, 6—903. Gold exports from United States to, since removal of embargo, 5—1016. Gold reserves, 1913-1920, 6—1296. Imperial Raw Silk Corporation organized, 6—1207. Import tariff, 6—1319. Imports and exports, 5—731; 6—509, 961, 1077, 1208, 1320. Imports of gold from United States, 5—731; 6—1018. Leading banks of issue. ( See supra, Banks of issue.) Loans placed in United States, 5—33; 6—688. London. Foreign exchange rates on, 5—733; 6—903. Per cent of parity. Foreign exchange rates on Lon¬ don, 6—903. Prices, 6—279, 506, 616, 708, 848, 905, 954, 960, 1069, 1076, 1077, 1198, 1208, 1310, 1320. Silk- Imperial Raw Silk Corporation organized, 6 — 1207. Prices of raw silk, 6—1077, 1198, 1208. Silver production, 1910-1918, 5—141. (See also Bank of Japan.) Tariff law. New, 6—1319. Tokvo. Associated banks of. Condition, 1914-1920, 6—1078. United States. Government and other loans placed in, 5—33; 6—688. JAVA. Gold reserves, 1913-1920, 6—1296. (See Bank of Java.) JAY, PIERRE. Appointed Class C director, New York, 3—7. Call loans, 6—369. Report on housing conditions, New York, 5—632, 1049. (See Federal Reserve Agents.) JEWELRY. Terms of sale, 6—1032. JOHNSON, A. B. Elected Class B director, Philadelphia, 3—7. JOINT AGENCIES. (See Branch banks; Branches; Federal Advisory Coun¬ cil; Foreign branches.) JOINT BRANCHES. (See Branches; Federal Advisory Council; Foreign branches.) JOINT CUSTODY. Federal Reserve Agents and Federal Reserve Banks, 3—615, 691. (See Federal Reserve Agents.) INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. 143 JOINT-STOCK BANKS. London. Condition, 1914-1919, 6—1044. JOINT-STOCK LAND BANKS. Notes of, secured by their own bonds, are finance paper and not eligible, 6—609. (See Federal land banks.) JOINT STOCK OWNERSHIP. (See Edge Act; Federal Advisory Council; Foreign branches; National banks.) JONES, BRECKENRIDGE. State bank membership, 3—596. State banks and Federal Reserve System, 4—510. JUGO-SLAVIA. (See Foreign exchange rates.) JURISDICTION. Conversion of a State bank into a national bank does not destroy corporate identity. Jurisdiction simply changes, 3—690. Limit of. (See Capital Issues Committee.) Over exports of gold manufactures transferred to War Trade Board, 4—171. War Finance Corporation has no, over Federal Reserve Banks, 4—1216. K. KAINS, A. Resigns as governor, Federal Reserve Bank, San Francisco, 3—633. KANSAS. Acceptance laws, 3—530. List of State member banks, 4—93. Reserve laws, 3—774. KANSAS CITY. Increase in local bank rates, 4—813, 814. KANSAS STATE BANKERS. Favor amendment to section 22, 4—515. KENT, F. I. Appointed foreign exchange adviser, 4—11. KENTUCKY. Accept. State banks may, 4—526. Borrowing. Discount and purchase of specified com¬ mercial paper does not constitute, under loan limitations, 4—526. Examination of. (See infra, State banking com¬ mittee.) Federal Reserve Banks— Copies of State examinations may be given to, 4—315. Purchase of stock in, 1—150. Federal Reserve System, State banks may join, 4— 315. Fiduciary powers, national banks may exercise, in, 2—678. Laws— Acceptance, 3 —530. Foreign banking corporations, 5—56. Reserves, 3—772. Warehouse, 1—261. Letters of credit, State banks may issue, 4—526. State banking committee. May accept examinations by Federal Reserve Banks in lieu of State exam¬ inations, 4—315. State banks, authorized to accept bills and issue letters of credit, 4—526. KERN AMENDMENT. (See Clayton Antitrust Act.) KETTIG, W. H. Appointed Class C director, Atlanta, 3—7. KITCHIN, CLAUDE. Letters of Secretary of Treasury to. (See Secretary of the Treasury.) KNIT GOODS MANUFACTURERS OF AMERICA. Production report, 6—1145, 1275. KNIT GOODS PRODUCTION, 6—925, 1027, 1145, 1275. KNIT UNDERWEAR. Terms of sale, 6—472. L. LABOR. Acceptance regulations. Not “goods ” under, 5—565. Coal strike, Great Britain, 6—1198, 1311. Conditions of, 5—11, 103, 111, 192, 195, 202, 410, 419, 534, 535, 623. (See Capital Issues Committee.) Demobilization of, 5—111. Efficiency of, 6—344. Readjustment to a peace basis, 5—11, 192, 195, 410. Strikes, 5—112; 6—1198, 1311. Unemployed, 5—103, 112, 192; 6—1072. Wages of, 5—195, 202, 410, 535, 623. (See Business conditions; Business readjustment.) LACES. Terms of sale, 6—473. LAMONT, T. W. Appointed to represent United States Treasury at Paris, 5—108. LAND, FARM. (See Farm land loans.) LAW DEPARTMENT. (See Opinions of counsel.) LAWFUL MONEY. Definition of, 1—12. Deposits of, with Federal Reserve agents, to reduce liability on Federal Reserve notes, 1—273. Shipments of, in payment of clearing items may be sent by clearing banks at expense of Federal Reserve Banks, 2—259, 456. (See Clearing system.) LAWS OF STATES. Acceptance laws, 3—350, 529. Admission to Federal Reserve System, 1—150, 182, 218, 263; 4—166, 315, 526, 978, 1081; 5—54, 56, 366, 566, 658, 741, 743, 744, 859, 967. Fiduciary powers, 1—150; 2—523, 678; 3—30, 528, 529, 598, 697, 767. Foreign banking corporations, 5—54, 55; 6—1039. Reserves, 3—768. Warehouse laws, 1—260. LEAD. Prices, 1914-1920, 6—1214. Terms of sale, 6—149. LEAD ORES. (See Prices.) LEADING BANKS OF EUROPE. (See infra, Leading banks of issue.) 144 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. LEADING BANKS OF ISSUE. Condition, 1914-1919, 2—659; 3—234, 329, 500, 6S1, 942; 4—243, 267, 269, 375, 996, 1007, 1057, 1167; 5— 140, 197, 294, 463, 648, 840, 849, 1007, 1200; 6— 218, 485, 487, 488, 909, 1044, 1047, 1049, 1295. Gold reserves, 1910-1920, 6—1295. LEAGUE OF NATIONS. Analysis of foreign exchange and currency situation, 6—898, 901, 902, 903, 909. Issues call for international financial conference, Brussels, 6—1129 Tables. Inflation, 6 — 903. (See International Financial Conference, Brussels; Peace Conference.) LEATHER. Price, 1914-1920, 6—1214. (See Prices.) LEATHER MANUFACTURES. Terms of sale, 6—932. LEDGERS, STOCK, 1—74. LEFFINGWELL, ASSISTANT SECRETARY. Foreign exchange and credits, 4—940. LEGAL EXPENSES. Federal Reserve Banks. (See Earnings and expenses.) LEGAL HOLIDAY. Member bank collateral notes or commercial paper falling due on, or Sunday, should have discount figured for one or two days more or less according to law of State, 4—108. LEGAL TENDER. Gold certificates made. Act December 24, 1919, 6—60. LEGAL-TENDER NOTES. (See Clearing system, reserve balances; Money; Re¬ sources and liabilities.) LEMONS. (See Physical volume of trade; Prices.) LEONARD, C. M. Appointed to War Finance Corporation, 4—364. LETTERS OF CREDIT. Removal of restrictions on, 5—469. Travelers. Ruling, Foreign Exchange Division, 4— 973. (See New York laws.) LEVER ACT. FOOD CONTROL. Amendment, 5—967. (See Act August 10, 1917.) LIABILITIES. (See Assets and liabilities; Clearing house debit state¬ ments; Deposits; Federal reserve notes; Leading banks of issue; Member banks, condition state¬ ments; Resources and liabilities.) LIABILITIES, ACCEPTANCE. (See Acceptance liabilities.) LIABILITIES, CANADIAN CHARTERED BANKS, 5—1144. LIABILITIES, CURRENT. Notes of public service corporations for purchase of coal, etc., are eligible if statement shows reason¬ able excess of quick assets over, 3—527, 949. LIABILITY. Acceptance. (See Same.) Cancellation of. Purchase by bank of own accept¬ ance, 2—397. LIABILITY— Continued. (See, however, 2 — 680 at 681.) (See, also, Acceptances; Own acceptances.) Contingent. Rediscounts— Federal Reserve Banks. (See Resources and liabilities.) Member banks, 5—186, 299, 300, 301, 517, 518, 519, 785, 904, 905, 908; 6—329, 438, 764, 1005. State member banks, 5—183, 184, 296, 297, 298, 514, 515, 516, 906, 907; 6—329, 438, 764,1005. Direct liability of national bank guaranteeing accept¬ ance made for it by its foreign correspondent, 4 — 311. (See Acceptances; Guaranty.) (See, however, Volume 7, Federal Reserve Bulletin, May, 1921, page 547.) Double liability. National banks and State member banks are subject to, as stockholders under Sec¬ tion 2, Federal Reserve Act, but stockholders of State member banks are not so liable, 1—273. Net liability. (See Federal Reserve Bank notes; Federal Reserve notes; Net deposits; United States Railroad Administration.) Reduction of, Federal Reserve notes, 1—273, 363. (See Federal Reserve notes.) State member banks. Stockholders’liability, 1—273. Stockholders’ liability— State member banks, 1—273. (See also, Acceptance liability; Net deposit liability.) LIBERIA. Government and other loans placed in United States, 6 — 888 . LIBERTY BONDS. American Bankers Association. Resolution, 3 —438. Conversion of, 3—341; 4 —517. Coupons, cashing of, 4—13. Customer’s paper secured by. Commercial rates. (See National Reserve Bank and branch cities.) Deposit of public moneys received from, 4 —494. Discount rates on paper secured by, 3—425, 429, 497. Discounts of paper secured by. (See Act of Septem¬ ber 24, 1918; Act of March 3, 1919; Act of Octo¬ ber 22, 1919.) Federal Reserve Banks— Investment in. (See Total investment opera¬ tions.) Telegrams to or from, in connection with, paid by Treasury, 3—439. Financing of. Method, 3—580, 599. Franking privilege not accorded to Federal Reserve Banks in connection with, 3—439. Gold coin. Payment for, in, 6—454. Holdings— Member banks. (See Member bank condition statement.) National banks. (See National banks.) Reduced holdings, 5—1106. United States, all banks, 5—942. Interest. Commercial rates higher than, on, 5—408, Investigate. President given power to, all transac¬ tions in, 4 —961. Investment in— (See infra, Savings banks.) (See Total investment operations.) Liberty loan committee, personnel, 3—437. INDEX-DIGEST OF FEDERAL, RESERVE BULLETIN. 145 LIBERTY BONDS— Continued. List. Lost, stolen, and recovered, 4—515, 613, 740, 859, 968, 1115, 1212. Loans secured by, commercial rates. ( See Federal Reserve Bank and branch cities.) Member banks. (See supra, Holdings.) Money market. No disturbance in, 3—920. National banks— Loans on security of, o—441. Subscriptions and work done by, 3 —748, 749. New York. Withdrawal of funds from, 3 —653. New York banks may receive, on deposit for safe¬ keeping, 4—525. New York laws. Notes secured by, 4—524. Nonmember banks—• Eligibility of notes of, secured by, 4—743. Member banks may act as agent of, in rediscount¬ ing paper in connection with, 3—497. Notes of, indorsed by member banks may be dis¬ counted on same basis as 90-day paper, if proceeds are to be used for purchase or carry¬ ing, 3—497. Rediscount privileges of, 3—426, 430, 509. (See Nonmember banks.) Notes of one bank to another, the proceeds to be used in replenishing withdrawals of deposits for pur¬ chase of, are not eligible, 3—954. Notes secured by— Commercial rates. ( See Federal Reserve Bank and branch cities.) Eligibility of, 3—457. Preferential rate on, 3 —425, 429, 497. Preferential rate on notes secured by, 3—425, 429, 497. President of United States urges purchase of, 4—483. Purchases by Treasury suspended, 6—445. Rates. Paper secured by, 3—425, 429, 497. Reserve situation. Effect on, 3 —577. Savings banks— Assistance to, through member banks in case of withdrawals of deposits in connection with, 3 —498.' Investments in, 4—856, 952. Short-term notes or, 5—303, 304. Taxation of income from investments in, 3 —459, 601, 930. Treasury suspends purchases of, 6—445. United States. ( See supra, Holdings.) War paper. Rediscount of. Act March 3, 1919, 5— 361, 1055. War savings certificates— Relation to, 4—164. (See Discount and open-market operations.) (See "War paper.) LIBERTY LOAN I. Act April 24, 1917, authorizes issue of, 3 —345. Ad interim certificates, No charge for exchange of, for, 3—600. Allotment, 3—506, 578. American Bankers Association offers services in placing, 3—438. Book credits. Payment of subscription by banks by, 3 —435. Cash payments, 3—578. Circulars, Treasury Department, 3 —432, 437, 505. Conversions of, 4—22. LIBERTY LOAN I—Continued. Coupons. Handling of, 3—938. Credit payments, 3—578. Distribution of, by Federal Reserve districts, 3—506, 578. District committees. List, 3—437. Exchange of. No charge for, for different denomina¬ tions, 3—600. Exemption from tax, 3—459, 601, 930. Federal Reserve Bank of Chicago. Circular letter, 3—437. Federal Reserve Bank, New York. Effect of, on, 3— 577. Federal Reserve Banks. Franking privilege not accorded to, 3—439. Federal Reserve Banks. Telegrams of, in connection with, to be paid by Treasury, 3—439. Federal Reserve Board. Asistance rendered— (1) 3 per cent rate for 15-dav member bank paper secured by Treasury certificates, 3—497. (2) 34 per cent rate for 90-dav paper for purchase of. (3) Member banks authorized to act as agent for nonmember banks in rediscounting paper in connection with, 3—497. (4) One-day rate, 2-^4 per cent. (5) Nonmember bank notes indorsed by member banks may, until July 15,1917, be discounted at 90-day rate, if accompanied by affidavit that proceeds were used for purchase of, or carrying, 3—426, 429, 498, 509, 579. (6) Savings banks and trust companies promised assistance in case of withdrawal of deposits, 3—498. Federal Reserve districts. Distribution by, 3—506, 578. Financing. Method of, 3—436, 580, 599. Form of application, 3—436. Franking privilege not accorded to Federal Reserve Banks, 3 —439. Harding, Gov. Tour of country, 3—429. National banks— Subscriptions, 3 —748, 749; 4—372. Work done by, 3—748, 749. New York. Withdrawal of funds from, 3 —653. Nonmember banks, rediscount privileges, 3 —426, 430, 498, 509, 579. (See Nonmember banks.) Official Bulletin. Extracts from, as to, 3—599. Oversubscribed, 3—505, 580, 599. Payments for, by cash, credit, and United States Treasury certificates, 3—578. Preferential rates on notes secured by, 3—425, 429, 457, 497, 509, 579. Rates, paper secured by, 3—425,429,457,497, 509,579. Reserve situation. Effect on, 3—577. Secretary of Treasury—■ Tour, 3—429. (See supra, Circulars.) Subscribers. Number of, 3 —497, 505, 599. Subscriptions to, 3 — 497, 505, 580, 599. By bank credits, 3 —435, 578. By cash, 3—578. By Federal Reserve districts, 3—506, 578. Methods of financing, 3 —436, 580, 599. By United States Treasury certificates, 3—578. 37599°—21-10 146 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. LIBERTY LOAN I— Continued. Tax. Exemption from, 3—459, 601, 930. Telegrams. Cost of, paid by Treasury, 3—439. Treasury Department— Circulars, 3-—132, 437, 505. Telegrams paid by, 3—439. United States Treasury certificates— Funded into, 4—72. Payments by, 3—578; 4—161. Withdrawal of funds from New York, 3 —653. LIBERTY LOAN II. Act, September 24, 1917, authorizes issue of, 3—749. Act, September 24, 1918. Supplementary to, 4 —961. Allotment of, 3—917, 932. Cash, payment by, 3—919. Circulars, Treasury Department, 3—734, 932. Credit, payment by, 53 per cent. 3 —919. Distribution, by Federal Reserve districts, 3 —932; 4—484. Exemption from tax, 3 —930. Money market. No disturbance in, 3—920. National banks. Subscriptions, 4—372. Payments— By credit, 53 per cent, 3—919. By cash, 73 per cent, 3 —919. By United States Treasury certificates, 3—919. Plans for, 3—729, 734. Secretary of Treasury— Against increasing interest rates, 4—20. Offering of, 3—729, 734. Shifting of funds, 4—7. Subscribers should not sell, 4 —19. Subscribers. Number of, 3—932. Subscriptions, 3—829, 917, 932. Terms announced, 3 —729, 734. Taxation. Exemption in part, 3—930. United States Treasury certificates. Payment by, 3— 919. LIBERTY LOAN III. Act April 4,1918. Text. Authorizes issue of, 4—306. Anticipation of, United States Treasury certificates issued in, 4—72, 161, 359, 558. Banks and. Eighty per cent paid in full, 4 —484. Campaign opened April 6, 1918, 4—250. Cash. Payment by, 4 —588. Credit. Payment by, 4—588. Federal Reserve Banks and, 4 —587. Oversubscribed, 4 —359. Payments. Cash, credits, United States Treasury certificates, 4—588. Subscribers. Number of, 4 —359, 509. Subscriptions. Federal Reserve districts, 4—484, 509. United States Treasury certificates— In anticipation of, 4 —72, 359, 485, 558. Issue and use of, 4 —485. Payments by, 4— 588. LIBERTY LOAN IV. Act September 24, 1918, authorizes issue of, 4 —613, 961. Allotment, 4—1045, 1173. Announcement of, 4—937. Anticipation of. United States Treasury certificates, 4— 801, 921, 1045, 1147. LIBERTY LOAN IV—Continued. Banks. Operations of, 4—1170. Campaign begun, September 28, 1918, 4 —801, 937. Capital Issues Committee will approve no issues pend¬ ing, 4—937. Distribution. By Federal Reserve districts, 4 —1045, 1173. National banks. Holdings, 5 —441. Plan for, 4—612. Preferential rate, 4 per cent on 90-day paper seemed by, 4—922. Secretary of Treasury, to banks. New plan for, 4—612. Subscribers. Number of, 4 —1045. Subscriptions. By Federal Reserve districts, 4 — 1045, 1173. United States Treasury certificates— Allotment, 4 —588. In anticipation of, 4 —1045. New plan for, 4—612. Subscriptions to, by classes of institutions, 4— 921, 1147. Total outstanding, 4 —921, 1147. LIBERTY LOAN V, VICTORY LIBERTY LOAN. Act March 3, 1919. Text, 5—225. Anticipation of. (See United States Treasury certifi¬ cates.) Circular, 5—303, 442. Conditions, 5—189, 303. Conversion privileges, 5—443. Description of notes. 5—442. Financing of. Plan— Secretary of Treasury, 5—189, 218, 407. Ways and Means Committee, 5—190. Holdings— Banks, 5—942. Reduced, 5—1106. Last Liberty loan issue, 5 —303. Notes. Short-term, in lieu of bonds, 5 —304. Secretary of Treasury, statements, 5—190, 218, 303. Subscribers. Number of, 5 —521. Subscriptions, 5 —521. Tax exemptions, 5—442. United States Treasury certificates— In anticipation of, 5 —99, 189, 225, 304, 407, 609, 1105. Subscriptions to ten issues, 5—609. Ways and Means Committee. Plan of financing,5— 190. LIBRARY OF FEDERAL RESERVE BOARD. Books received, 6—701, 834. (See Federal Reserve Board Library.) LICENSE, BLANKET. Granted for imports from Canada with exceptions noted, 4—172. LICENSES, EXPORTS OF COIN, ETC. Act June 15, 1917, 3—582. Proclamation, 3—583, 672, 737; 4—23, 499. Executive order, 3—582, 861; 4—81, 499. Control extended, 3—833. Exports Administrative Board. Export license list, 3—755. Exports council, 3—582. INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. 147 LICENSES, EXPORTS OF COIN, ETC—Continued. Federal Reserve Board— Delegated to, 4—23, 81, 159, 499. Foreign exchange, 4 —76. Forms, 3—674, 675, 676. Instructions, 4—185,499. Licenses abrogated, 5—615, 653, 853. Lira exchange, 4 —624. List. Articles requiring, 3—583, 673, 755, 864. List of licenses granted, 3—738, 739; 4 —76, 499, 501, 807; 5—640. Regulations, 3—736, 738, 739; 4—81, 500, 594, 622. Rupee exchange, 4—625. Silver exports, 4—807. Spain. License to export gold to, 4 —365. Statement, 3—739. War Trade Board— Enemy countries, special license, 5—365, 653. List of licenses granted, 3—861, 865, 866; 4 —1089. LICENSES TO INSURANCE COMPANIES. Enemy or ally of, vested in Secretary of Treasury, 3—838. LIGHT. Expense of, 1918, 5—132. LIGHTCAP, H. B. Elected Class B director, New Orleans branch, 2—438. LIGHTING COMPANIES. Test of eligibility of paper of, 3—527, 949. (See Public service corporations.) LIKE FACE AMOUNT. Discounts in excess of 10 per cent limitation of section 5200, under acts of September 24, 1918, and Octo¬ ber 22, 1919, must be secured by a like face amount of United States bonds or notes. ( See Act of September 24,1918; Act of October 22,1919.) Discounts by Federal Reserve Banks in excess of 10 per cent limitation of section 13, under act of March 3, 1919, must be secured by a like face amount of United States bonds or notes. ( See Act of March 3, 1919.) LIMIT OF JURISDICTION. (See Capital Issues Committee.) LIMITATION ON ACCEPTANCES. When once granted permission to accept up to 100 per cent no additional authority necessary each time it increases its surplus, 5—143. (See Acceptances.) LIMITATION, 10 PER CENT, 2—64, 113, 274, 457, 678, 680; 3—28, 193, 286, 528, 691, 696. 879, 881; 4r-32, 33, 34, 109, 163, 197, 638, 80S. 863, 867, 974, 1119; 5—21, 143, 229, 253, 254, 361, 364 , 468, 858, 1055, 1157; 6—278, 495. (See Ten per cent limitation.) LIMITATION ON LOANING POWER OF NATIONAL BANKS. Amendments to United States Revised Statutes, section 5200. (See Act of September 24, 1918; Act of March 3, 1919; Act of October 22, 1919.) LIMITS, CHANGES IN GEOGRAPHICAL LINES AND. (See Changes, Federal Reserve district lines; Redis¬ tricting.) LIQUIDATING NATIONAL BANKS. Deposits for redeeming circulating notes, 1—404. Stock subscriptions. Repayment of, 3—457. Surrender of stock in Federal Reserve Bank should be made as soon as accounts can be adjusted, 4— 201; 5—53. (See National banks; Charters, new.) LIQUIDATION. Accrued dividends. Right of bank in, to, 3—117. Cancellation and repayment of capital stock, 2 —119; 3—457. Comptroller of Currency. Bill recommended by, for sale of bonds to redeem circulation of banks in voluntary, 4—425. Dividends. Federal Reserve Banks may pay, on stock owned by national banks in liquidation up to date of application for surrender and cancella¬ tion of stock if not unreasonably delayed, 4—201. National bank buying assets in, of another national bank not entitled to transfer of its stock in Federal Reserve Bank, 3—199. Necessity for. Federal Reserve Banks, 4—9, 1164. Sale of bonds to secure circulation, 2 —170. State banks and trust companies, 6—62, 833, 1300. (See State banks and trust companies.) Stock subscriptions. Repayment of, 3—457. Surrender of capital stock in Federal Reserve Bank— By bank in, 4—457. (See National banks.) LIQUIDITY. British exchequer notes. (See same.) Foreign acceptance credits. Gov. Harding, 2 —587. Renewal acceptances. (See Acceptances, renewal; Renewal notes.) LIRA EXCHANGE. Decline in, 5—525. Federal Reserve Board removes restrictions on, 5—311, 469. Will restrict imports into Italy, 5—311. Italian Institute of Exchange— Methods and regulations, 4—624. Regulations of, still in force, 5—467. (See Italian Institute of Exchange; Italy.) LIRA, GOLD. Percentage of appreciation over paper lira, Italy, 5— 846. LIST. American Foreign Banking Corporation. Stock¬ holders, 4—736. Banks joining Federal Reserve clearing system. (See Clearing system.) Banks operating in foreign trade, 4—736. Capital Issues Committee. Decisions, 4—494. Federal Advisory Council. Members, 2 —53. Foreign branches, American banks. (See Foreign branches; List.) Nonmember banks. (See Clearing system.) Par list. (See Clearing system.) Preference list, War Industries Board, 4 —931. State member banks. (See State banks, admitted.) United States Liberty bonds, lost, stolen, and re¬ covered, 4r—515, 613, 740, 859, 968, 1115, 1117, 1212. War Finance Corporation, loans, 4—691. 148 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. LISTING OF CAPITAL ISSUES. (See Capital Issues Committee.) LITTLE ROCK, ARK. Branch bank, 4—1056; 5—126, 779; 6—61. LIVE STOCK. BASED ON, 1—72; 3—616. LIVE STOCK. LOANS BY NATIONAL BANKS ON. (See Act of October 22, 1919.) LIVE STOCK. RECEIPTS AND SHIPMENTS. (See Physical volume of trade.) LIVE STOCK MORTGAGES. (See Agricultural and live stock paper.) LIVE STOCK PAPER. (See Agricultural and live stock paper.) LIVING CONDITIONS, NEW YORK. Report, Federal Reserve Agent, 5—632, 1049. LLOYD-GEORGE. On adverse trade balance. Great Britain, 5—816. LLOYD S BANK, LIMITED. Condition, 1914-1919, 6—1045. LOAN AGENCIES, CATTLE, 4—832. LOAN, ANGLO-FRENCH, 6—901, 1129. LOAN AND TRUST COMPANIES. Deposits, 1900-1914, 1—235. (See Deposits.) LOAN ASSOCIATIONS. (See Building and loan associations; Savings and loan associations.) LOAN CERTIFICATES. (See United States Treasury certificates.) LOAN, INTERNATIONAL. Suggested by International Financial Conference, Brussels, 6—1131. LOANS, AGRICULTURAL. (See Agricultural paper.) LOANS. Agricultural. Great increase in, by Federal Reserve banks and member banks, 6—1124. Allies, United States to. (See infra, United States.) Argentine banks, 4—739. Bank. United States, 1914-1919, 5—838. Call loans. (See same.) Cattle, commercial rates. (See Federal Reserve bank and branch cities.) Classification of— Essential and nonessential, 4—261. Member State banks and trust companies, 4—800, 920; 5—187, 406, 520, 1007; 6—333, 444, 766, 1007. Collateral. Commercial rates. (See Federal Reserve Bank and branch cities.) Commercial rates on. (See Federal Reserve Bank and branch cities.) Conservation of bank, 4—935, 936. Curtailment of, 4—935. Customers’ paper, commercial rates. (See Federal Reserve Bank and branch cities.) Directors, loans to, 3—694. Form of resolution, 3—614, 929. Discounts of own acceptances are. (See Acceptances; Own acceptances.) Essential and nonessential, 4—261; 6—927. LOAN S — Continued. Excess loans. (See same.) Expansion of loans, 5—1010. (See Expansion; Inflation.) Export. (See War Finance Corporation.) False statements. Bill, Comptroller of Currency, 4r—424. Farm land loans— Regulation G, 1920, 6—1185. (See same; Real estate loans; Farm loan bonds.) Federal Reserve Banks. (See Discount and open- market operations.) Foreign. (See Foreign loans.) Foreign war loans of belligerent countries. (See Allied powers.) Government loans of European central banks, 1914- 1917, 3—942. (See European central banks.) Interbank, commercial rates. (See Federal Reserve Bank and branch cities.) Liberty bonds, loans on. National banks, 1914-1919, 5—306, 780, 782. (See National banks.) Member banks. (See same.) Methods of city banks in making, to correspondents, 6—584. Movement of, 6—920. National banks, 1910-1916 , 2—506. On Liberty bonds, 1914-1919, 5—306, 780, 782. Usurious loans, 3—292. (See National banks.) New York banks, loans secured by stocks and bonds expanding, 5 — 1016. (See New York banks, principal heading.) Nonessential loans, 4 — 261. Real estate loans. (See National banks; Real estate loans.) Spanish war loans, 3 — 343. Speculative purposes, 3—456; 5—311, 523, 524, 536, 617, 618, 858, 1009, 1010, 1015, 1024, 1026, 1028, 1107, 1108, 1109; 6—66, 277, 342, 446, 554, 555 ,665, 774, 897, 1012. (See same.) State banks and trust companies. Member. Classifi¬ cation of loans, 4—800, 920 ; 5—187, 406, 520, 1007; 6—444, 766. Stock exchange. Commercial rates. (See Federal Reserve Bank and branch cities.) Taxes. Proper proportion between loans and, 5—1. United States— Loans to Allies, 3—10, 424, 731; 4—20, 21, 279, 1058, 1059; 5—33, 845, 957, 1014; 6—668, 901. (See Allied powers.) Still available, 5—1. Congress fails to authorize continuation of, 5—101. Comparison, exports and war loans, 1910-1919, 5—957. (See Secretary of Treasury.) United States obligations. Loans secured bv. Com¬ mercial rates. (See Federal Reserve Bank and branch cities.) United States Treasury certificates. Loans on. (See Discount and open-market operations; United States Treasury certificates.) War Finance Corporation. Loans of, 4—691; 5—29. INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. 149 LO A \ S —Continued. Warehouse receipts. Commercial rates on loans se¬ cured by. ( See Federal Reserve Bank and branch cities; Warehouse receipts.) (See also Borrower; Call loans; Canners loans; Cattle loans; Commercial loans; Commodity paper; Commodity rates; Essential loans; Foreign loans; Fiduciary powers; Great Britain, loans; Italy, loans; Member banks; National banks; Nonessen¬ tial loans; Real estate loans; State banks and trust companies; Stock exchange collateral loans; United States bonds; War loans; War paper.) LOCATION OF FEDERAL RESERVE BANKS. Federal Reserve Board can not change, 2—207. LOCOMOTIVES AND CARS, OUTPUT OF. (See Physical volume of trade.) LOGAN, W. S. Appointed general counsel of Federal Reserve Board, 6—782. LONDON. Acceptance rates, 2—591. Acceptance liability— London and New York, 5—21. Ratio to capital and surplus, 18 joint-stock banks, 5—561. Credit expansion, London banks, 1913-1918, 5—323. Discount rates. London and New York. Gov. Hard¬ ing, 5—106. Foreign exchange rates— Berlin on, 6—1076, 1319. Chile on, 6—1055. Copenhagen on, 6—41, 44. Italy on London, 5—846. Japan on London, 5—733. London on New York, 6—1070. London on Spain, 1913-1919, 5—1038. Madrid on London, 1914-1919, 5—1041. New York on, 4—1199; 6—49, 1159. Paris on, 6—1074. Stockholm on, 6—40, 42. (See Foreign exchange rates; Great Britain.) India. Gold coin and bullion in, as reserve for notes, 5—950. International Banking Corporation, branch in Lon¬ don, 4—947. (See Foreign branches.) Silver- Price, 1914-1918, 3—406; 4—67, 844, 1202; 6—8. Price, 1873-1918, United States equivalent, 5— 949. (See also Gold; Great Britain; Silver.) LONDON COUNTY, WESTMINSTER AND PARR’S BANK (LIMITED). Condition, 1914-1919, 6—1045. LONDON ECONOMIST. Inflation and prices, 3—375. Our financial duty, 3—518. Expansion of credits, 1913-1918, 5—323. LONDON JOINT CITY AND MIDLAND BANK (LIMITED). Condition, 1914-1919, 6—1046. LONDON JOINT STOCK BANK (LIMITED). Condition, 1914-1919, 6-1046. LONDON STATIST. (See Prices.) LONG-TERM CREDIT. For exports, a capital and not a banking problem, 5—611, 614. LOS ANGELES, CALIF. Branch bank, 5—821; 6—60. LOSS OF INTEREST. To be allowed for in collection of purchased accept¬ ances, 4—521. LOSS, PROFIT AND. (See Profit and loss.) LOST OR STOLEN LIBERTY BONDS. List, 4—515, 613, 740, 859, 968, 1115, 1117, 1212. LOUISIANA. Banks transferred to Atlanta, 2—99, 151, 153. Change in allotment of United States bonds because of transfer, 2—158. Laws— Acceptance, 3—530. Federal Reserve Banks, purchase of stock in, 1—218. Foreign banking corporations, 5—56. Reserves, 3—776. Warehouse, 1—261. List, State member banks, 4—93. LOUISVILLE, KY. Branch bank, 4—10, 14; 5—126, 777; 6—61. LUMBER. Terms of sale, 6—933. (See Acceptances, export; Commodity paper; Physical volume of trade; Prices.) LUMBER COMPANY. (See Acceptances, trade.) LUXURIES. Curtailment of, 4 —2, 249, 260, 486, 685, 688, 802, 852, 854, 935. (See Conservation.) LYNCH, J. K. Elected governor Federal Reserve Bank of San Fran¬ cisco, 3—713; 4—5. Death of, 5—530. M. MACHINE TOOLS. Terms of sale, 6—155. MACHINERY. Terms of sale, 6—156. MACHINES, COIN-COUNTING. Use of, deprecated, 3—440, 930. MADRID. Foreign exchange rates. (See Spain.) MAIL SHIPMENTS, CURRENCY, 5—27. MAIL TRANSFERS. Discount rate on, to be based on principle on 15-day rate. Uniform rate fixed, 4 —371. (See Clearing system.) MAILS, UNITED STATES. (See United States mails.) MAINE. Amendments to banking laws, 5—744. Laws— Acceptance, 3—530. Foreign banking corporations, 5—56. Purchase of stock in Federal Reserve Banks, 1—151. Reserves, 3—776. Negotiable instruments act, has not adopted, 4—971. 150 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. MALBURN, W. P. Conversion privileges. Letter, 2—666. Resigns as Assistant Secretary of Treasury, 3—80. Appointed chief national bank examiner, New York, 3—80. MANAGERS, TRANSIT. Conference, 4—1175. MANDATORY. Provision of section 13, as amended, for clearing mem¬ bers is permissive and not, 3—617. Nomination for director is optional, but appointment of officer to vote for directors is, 6—1178. MANUFACTURE. (See Acceptances; Tobacco; Warehouse receipts.) MANUFACTURES OF GOLD AND SILVER. Jurisdiction of, transferred from Capital Issues Com¬ mittee to War Trade Board, 4—10. MANUFACTURING. (See Business conditions; Committee of experts.) MAPS. Banks on par list, 5—888; 6—94,194, 308,419, 535, 644. Federal Reserve districts, 1—88, 89; 5—1008. Par points, 5—992; 6—94, 308, 644. Redistricting changes, 2—596. (See Charts.) MARICAIBO. (See Venezuela.) MARINE INSURANCE SURVEYS, 4—171. (See War Trade Board.) MARK, GERMAN. Improvement in value of, 6—847. (See Germany.) MARKET. (See Call loan market; Discount and open-market opera¬ tions; Discount market; Open-market operations.) MARKETABLE SECURITIES, READILY, 6—385. (See Fiduciary powers; Trust funds.) MARKETABLE STAPLES, READILY. (See Readily marketable staples.) MARYLAND. Laws— Acceptance, 3 —531. Reserves, 3—778. List of State member banks, 4—93. State banks, acceptances held, 3 —6. MASSACHUSETTS. Laws— Acceptances, 3 —531. Foreign banking corporations, 5—56. Purchase of stock in Federal Reserve Banks, 1—151. Reserves, 3—778. List of State member banks, 4—93, 1081. MARTINEZ, F. Death of. Director, Dallas Bank, 2—152. MATERIALS, RAW. (See Raw materials.) MATURING NOTES AND BILLS. Abolition of exchange charges does not apply to col¬ lection of, 2—264; 3—656, 657, 660, 661, 662, 663; 5—964; 6—948. (See Exchange charges; Federal Reserve Banks col¬ lection service; Hardwick amendment.) MATURITIES. (See Discount and open-market operations.) MATURITY. Acceptances— Failure of drawer to furnish funds for payment of, makes United States Revised Statutes, sec¬ tion 5200, applicable, 2—64, 680 at 681. Purchase by bank own acceptance before, extin- f uishes acceptance liability, 2—397. See, owever, 2—680 at 681. (See Acceptances; Own acceptances.) In collection of acceptances one day to be added to, to make up for loss of interest, 4—521. (See Acceptances.) Discount rates should be based on maturity at time of discount and not on any agreement of repur¬ chase, 2—461. Drafts. When no sale involved maturity of drafts should approximate duration of transit, 3—690. Where a sale is involved, not necessary, 3—690. European obligations held in United States. Maturity of, 2—592. Municipal bonds, Federal Reserve Banks may pur¬ chase, having a maturity at time of purchase of 6 months or less, 2—524. Notes falling due on Sunday or holidays. Maturity of, 4—108. Oregon clearing house. Bills must be drawn with a fixed day of maturity, 3—930. Trade acceptances— Payable with interest after, for delayed payment are valid, 4—200. Payable in fixed amount consisting of amount of debt minus a discount for prompt payment at, with agreement to pay amount of debt without discount after, is negotiable, 4—200. Payable with discount if paid at a certain time before maturity not approved, 4—871. (See also Acceptances, made; Commercial paper; Discount and open-market operations; Opinions of counsel.) “MAY” AND “SHALL.” Construction of words, 2—115. McADOO, W. G. Resignation as Secretary of the Treasury, 4—1173. Resolution Federal Reserve Board, 4—1173. Letter to President resigning, and reply, 4—1174. (See Secretary of Treasury.) McCORD, J. A. Appointed Federal Reserve Agent, Atlanta, 5—201. Resigns as Governor of Federal Reserve Bank of Atlanta, 5—201. McCORMICK, V. Resigns as Class C director, Philadelphia, 2—309. McFADDEN, L. T. Gold bonus bill. Report, American Bankers Asso¬ ciation, 6—1147. McINTOSH, C. K. Elected Class A director, San Francisco, 3—8. McKENNA, REGINALD, Address. Bank deposits, prices and currency, 6—247. (See Great Britain.) McKINNEY, B. A. Elected Class A director, Dallas, 3—S. INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. 151 McLEAN, A. W. Appointed to War Finance Corporation, 4—364. MEASURES, COINAGE, WEIGHTS, AND. (See Decimal system.) MEAT PACKING. Terms of sale, 5—1129. MEAT PRODUCTS. Exports of. ( See Physical volume of trade.) MEDICINES. Terms of sale, 6—1155. MEETINGS. (See Conferences.) MEMBER BANKS. Abstract of condition. (See Condition.) Acceptance business. Number doing, 5—554, 559. Acceptance liabilities. (See Same.) Acceptance liability— Ratio to capital and surplus, 5—555. (See same, principal heading.) Acceptances. Holdings of. (See same, principal heading.) Act September 24,1918. Discounts of war paper over 10 per cent limitation, 4—961 at 962, 1055. Act March 3, 1919. Rediscounts up to 20 per cent etc., under. Not operative after December 31, 1920. New subsection 11 (m) Federal Reserve Act. Analysis, 5—361, 1055. Act October 22, 1919. Discounts over 10 per cent limitation, 5—965, 1055. Advertising of Government protection discouraged, 1— 362; 6—65. Agricultural paper. Increased holdings, 6—1124. Assets and liabilities, 1914-1919, 5—784. (See Condition.) Average size of items. Decline in, 6—1018. Bankers’ acceptances. Holdings of. (See Discount and open-market operations.) Borrower. (Nee same.) Branches of. (See Branches; Foreign branches.) Certificates of eligibility, commercial paper, 1—15; 2 — 12 . Chart. Government deposits; Investments; Loans; Net deposits, 4—664 , 665. (See charts; Deposits.) Classification of— Election of directors, 2—670. Loans and discounts, 4—796, 798, 916, 920; 5 — 187, 296, 298, 406, 520, 1007; 6—333, 444, 766, 1007. Collateral notes. (See Member bank collateral notes, principal heading.) Commercial rates of discount of. (See Federal Re¬ serve Bank and branch cities.) Condition of. All member banks. (See Condition.) Condition statement. (See Member bank condition statements, principal heading.) Deposits. (See Deposits.) Deposits, Government. (See Government deposits.) Deposits in foreign banks not subject to 10 per cent limitation of section 19, 5 —1054. Deposits in nonmember banks, 5—1156. (See Deposits.) Deposits, savings. (Sec Savings deposits.) MEMBER BANKS—Continued. Development; Fiscal year 1920, 6—723. Directors. (See supra, Classification.) Directors’ guaranty. Notes of suspended bank, 2—66. Discount rates. Commercial. (See Federal Reserve Bank and branch cities.) Discounts of— State member banks, 4—664, 665. 796, 798, 916, 920; 5—187, 296, 298, 406, 520, 838, 1007, 1010; 6—333, 444, 766, 1007. (See infra, Number rediscounting.) Dividends, 5—610, 1104; 6—660, 1251. Double liability as stockholders of Federal Reserve Banks, 1—273. Earnings, 5—610, 1104; 6—660, 1251. Excess loans. (See same } Excessive rediscounts, 3 —456; 4 —1169; 5 —311. 523, 524, 536, 617, 618, 1009, 1010, 1015, 1024, 1026, 1028; 6—66, 277, 342, 446, 554, 665, 774, 897, 1012, 1107, 1108. Exchange charges. (See same.) Farm land loans. National banks can not contract to renew, but may make new loans on same security, 2—602. Farmers’ paper. Increased holdings, 6—1124. Federal Reserve Banks— Agent of. Can not purchase notes as, 1—347. Double liability as stockholders in, 1—273. Holdings of paper of. (See Discount and open- market operations.) Members of. Remain, until stock surrendered and canceled, 2—170. Rediscounts with. No limitation except discre¬ tion of directors of, 2—112, 224 at 225. Services of, available to member banks, 1—346. Federal Reserve System— Number in, 5—4, 84, 165, 279, 388, 492, 589, 680, 790, 882, 987, 1084, 1181; 6—89, 189, 304, 411, 528, 639, 738, 868, 982, 1099, 1229, 1346. (See State banks, admission.) Fiscal year 1920. Development, 6—723. Foreign banks, deposits in. Not within 10 per cent limitation of section 19, 5 —1054. Government deposits in. (See Government deposits.) Gross income. (See infra, Taxation.) Investments of. (See Member bank condition state¬ ments, principal heading.) Liability of. (See Member bank condition state¬ ments.) , Liberty bonds, holdings, 5—306, 428, 441, 942. (See Liberty loans.) Loans, 4—664, 665; 5—106, 520, 838, 1007, 1010; 6— 2, 726, 728, 904. Loans to other banks, bankers, and trust companies, 6—552. Net deposits, 4 —664, 665; 5 —838. (See Deposits.) Net profits. Ratio to capital and surplus, 5—188, 610; 6—660, 1251. New Jersey. Rights of member bank in northern 1—102. New York member banks— Deposits, 4 —664. United States securities, holdings of, 4—1111. 152 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. MEMBER BANKS—Continued. Nonmember bunks — Deposits in, 4 — 664. Deposits in, in excess of 10 per cent must be re¬ ported as excess loans, 1 — 126. Notes of—■ If issued in ordinary course of business are not eligible for rediscount even if indorsed by member bank, 4 — 743. If used to carry or trade in United States obli¬ gations they are on same basis as notes of an individual or corporation and are eligible if indorsed by member bank, MEMBER BANKS—Continued. Reserves— Ratio to liabilities, 5—186. 299, 519, 905, 908; 6—329, 438, 728, 764, 1005. Savings deposits with Federal Reserve Banks may count as, 5—652, 654. Resources— (See Member bank condition statements; Re¬ sources and liabilities.) Of State member banks compared with total resources of State banks, 4 —964; 5—4. Of State member banks, 5—4, 49, 515; 6—891, 1299. 4—743. If intention of member bank is to make a loan to, paper taken from a, by a member bank is not eligible, 1—213. (See Nonmember banks.) Notes of member banks. A member bank acting through another member bank may obtain discount of its paper secured by United States bonds for 90 days, although acting alone 15 days would be maximum, 4r— 863. Number in each district. (See infra, Number redis¬ counting. ) Number of items, decline in, 6—1018. (See Discount and open-market operations.) Number rediscounting, 4- 667, 1023, 1143, 1241; 5—84, 165, 279, 388, 492, 589, 680, 790, 882, 987, 1010, 1181; 6—89, 189, 304, 411, 528, 639, 738, 868, 874, 982, 1017, 1099, 1105, 1229, 1346. (See Discount and open-market operations.) Private bankers— Can not become member banks, 3 —693. May be directors of member banks and have privileges of Kern amendment. Act of May 26, 1920, 6—813, 948. Profit. Rediscounting for, 3 —456; 4 —1169; 5 —311, 523, 524, 536, 617, 618, 1009, 1010, 1015, 1024, 1026, 1028, 1107, 1108. Ratio— Acceptance liability to capital and surplus, 5— 555. Net profits to capital and surplus, 5—188, 610; 6—660, 1251. Reserves to liabilities, 5 —186, 299, 519, 905, 908; 6—329, 438, 728, 764, 1005. Rediscounting— Up to 20 per cent. Act March 3, 1919, 5—361, 1055. * Number rediscounting. (See supra, Number, etc.) Rediscounts— Contingent liabilitv on, 5—186, 299, 300, 301, 517, 518, 519, 785, 904, 905, 908, 1189; 6—329, 438, 764, 1005. (See Resources and liabilities.) Excessive. (See supra, Profit). Number obtaining. (See supra, Number, etc.) Profit. Rediscounting for. (See supra, Exces¬ sive.) State member banks. (See infra, same.) Redistricting— Transfers of member banks. (See Redistricting.) Reserve deficiencies, Federal Reserve Banks can not refuse to pay drafts of member banks on them because of, 1—12. Resources and liabilities. Fiscal year 1920, 6—729, 768. Savings deposits of. To count as reserves in Federal Reserve Banks, 5—652 , 654. Section 9; section ll(m); section 13; section 19. (See Ten per cent limitations.) State banks may become member banks with their branches, 1—125. State laws as to becoming member banks. (See Federal Reserve System; State banks; Laws of States.) State member banks— Admitted as. (See Admission.) Classification, loans and discounts, 4—800, 920; 5—187, 406, 520, 1007 ; 6—333, 444, 766, 1007. Condition, 4—796, 916; 6-438, 1005, 1006, 1007. (See Condition.) Dividends and earnings, 6—1251. List. (See State banks; Admission.) Rediscounts. (See Nonmember banks; Ten per cent limitation.) Resources. (See State banks.) States. List of, by. (See supra, Number.) Stock in Federal Reserve banks. (See supra, Double liability.) Taxation— Can not deduct value of stock in Federal Reserve bank in return to State for purpose of taxation on member bank stockholders, 1—315; 3—9.55. May exclude dividends from Federal Reserve Bank stock from gross income for purposes of income tax, 2—153. (See Taxation.) United States Revised Statutes, section 5200. (See Ten per cent limitations; United States Revised Statutes, section 5200.) United States securities— Holdings. 4—1109. New York member banks, 4—1111. (See United States securities.) United States Treasury certificates— Holdings, 5—306, 943. (See Member bank condition statements; United States Treasury certificates.) War paper— Holdings. (See Discount and open market opera¬ tions; Member bank condition statements; War paper.) (See also Acceptances; Commercial paper; Discount and open market operations; National banks; Nonmember banks; Rulings, Federal Reserve Board; Tennessee; Total investment operations.) INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. 153 MEMBER BANKS COLLATERAL NOTES. Advances on. Direct. Federal Reserve banks may refuse to make, secured by war paper, unless col¬ lateral is actually owned by member bank and unless the war paper securing its Government de- pu-its is actually owned by it, 6—162. Amendment to Federal Reserve Act allowing. Act September 7, 1916, 2—513. Federal Reserve Board. Announcement, 2—439, 440, 513. Average rates, 6—1017. Average size of, 6—1017. (See Discount and open-market operations.) Collateral for. ( See infra, Security.) Contract for renewal not permissible, 3—765. Direct advances on. Method, 3—158. (See supra Advances.) Discounts of, by Federal Reserve Banks, 2—643, 715; 3—61, 139, 221, 317, 408, 486, 565, 637, 716, 814, 902, 977; 4—53. 135, 229, 342, 463, 552, 667, 776, 896, 1024, 1145, 1244; 5—85, 166, 280, 390, 494, 591, 682, 792, 884, 893, 989, 991, 1083, 1085, 1184; 6—93, 193, 307, 415, 532, 641, 741, 872, 985, 1102, 1233, 1349. Farm loan bonds not eligible as security for, 4 —33. Federal Reserve Bank of Cleveland allows only one renewal at original rates, 5—326. Federal Reserve Banks— Holdings of, 3—61, 139, 221, 317, 408, 486, 565, 637, 716, 814, 902, 977; 4—53, 135 , 229 , 342, 463, 552, 688, 776, 897, 1024, 1146, 1244; 5— 86, 168, 281. 391, 496, 592, 683, 794, 885, 991, 1083, 1085, 1184; 6—93, 193, 307, 415, 532, 641, 741, 872, 985, 1102, 1233, 1349. Rates— Fifteen-day, established, 2—509. Preferential for, secured by Government obli¬ gations, 3—497. Renewal— Contract for. Not permissible, 3—765. Only one, allowed by Federal Reserve Bank of Cleveland, 5—326. Permitted but should be exception rather than rule, 3—879. Federal Reserve Board. Notice of amendment pro¬ viding for, 2—513. (See Federal Reserve Board.) Holdings. (See supra, Federal Reserve Banks, hold¬ ings.) Indorsement of paper as security for. If already in negotiable form not necessary, 2—685. Items, size of, 6—1017. Reduced, 6—1018. Interest on. When falling due on legal holiday or Sunday interest should be collected for one or two days additional, depending on law of State, 4—- 108. Maturities of. (See Discount and open-market opera¬ tions.) Method of direct advances on, 3—158. Preferential rates on. Federal Reserve Banks may give, secured by war paper, 3—497; 6—162. Opinions of counsel. (See same.) Rates— Fifteen-day, established, 2—509. Preferential rates for, secured by Government obligations, 3—497; 6—162. MEMBER BANKS COLLATERAL NOTES— Contd. Rates—Continued. Federal Reserve Bank of Cleveland permits only one renewal at original rates, 5—326. Renewals— Permissible but can not contract for, 3 —765. Should be exception rather than rule, 3 —879. (See supra, Federal Reserve Bank of Cleveland.) Security for— Farm loan bonds not eligible as, 4 —33. Government obligations as. Preferential rates, 3—497; 6—162. Eligible paper as, already in negotiable form need not be indorsed, 2—6S5. Warrants not eligible as, 2—609. Warrants not eligible as security for, 2—609. MEMBER BANKS CONDITION STATEMENTS. Arranged for, from 96 cities, 4 —61. List of cities, 4—62. Statements, 4—148, 238, 254, 352, 360, 474, 489, 564, 592, 677, 693, 788, 804, 907, 929, 1035, 1050, 1154, 1171, 1249; 5—6, 92, 107, 117, 177, 183, 199, 284, 287, 296, 298, 310, 399, 400, 504, 513, 517, 519, 554, 601, 693, 784, 785, 786, 805, 896, 903, 1000, 1095, 1192; 6—102 , 203 , 319 , 427, 543 , 651, 753 , 882, 995, 1112, 1124, 1241, 1341, 1357. (See Clearing house debit statements; Opinions of counsel.) MEMBER BANKS DEBIT STATEMENTS. (See Clearing house debit statements.) MEMBERS, CLEARING. (See Clearing members; Clearing system.) MEMBERS, DUE TO. (See Resources and liabilities.) MEMBERSHIP, STATE BANKS. Regulation H. 1920, 6—1186. (See State banks, admission.) MEMBERSHIP, WITHDRAWALS FROM. Reduction of minimum capital of Federal Reserve Banks by, will not forfeit its charter, 2—207. MEMPHIS, TENN. Branch bank, 4—597, 817; 5—126, 779; 6—61. Reserve bank agency at, report, 3 —168. MEN’S CLOTHING. Terms of sale, 6—803. MEN’S FURNISHINGS. Terms of sale, 6—810. MEN’S HATS. Terms of sale, 6—809. MEN’S WEAR. Terms of sale, 6—803. MERCANTILE BANK OF THE AMERICAS. Foreign branches, 5—357, 854, 962, 1050,1154; 6—63, 159, 272, 382. 607, 944, 1298. Report. Foreign branches, 4 —736. Venezuelan banks affiliated with, 6—63. MERCANTILE TRUST CO., ST. LOUIS. Reasons foj* joining Federal Reserve System, 3 —361. MERCHANDISE. Eligibility of notes for purchase of, 1—268. Exports and imports, 1913-1920, 6—482. (See Commercial paper; Eligible; Exports and im¬ ports; Negotiable; Notes.) 154 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. MERCHANTS AND FARMERS BANK, CHERAW, S. C. Reasons for joining Federal Reserve System, 3—3G1. MEREDITH, E. T. Resigns as Class C director, Chicago, 2—372. Reappointed Class C director, Chicago, 3—7. MERGER. ( See State banks and trust companies.) METALS. Price, Germany, 6—1318. (See Germany.) METALS, NONFERROUS. (See Physical volume of trade; Prices.; METCALF, J. Appointed Class C director, Boston, 4—817. METHOD. Agricultural paper. Identification of, 2—67. City banks, accommodation to correspondent banks, 6 — 688 . Computation of discounts, 1—74; 2—272, 456, 461; 3—951; 5—249. Computation of rebate of discounts, 1—308. Direct advances on member bank collateral notes, 3—158. State banks. Reports, 2—99, 114, 393, 538. (See State banks, etc.) METROPOLITAN TRUST CO., NEW YORK. Reasons for joining Federal Reserve System, 3—836. MEXICO. Act. Silver coinage, 5—32. City. (See Foreign exchange rates.) Gold, exports to, 5—6. (See Gold.) Gold. Imports to United States, from, 5—6. Loans placed in United States, 5—33; 6—687. Silver production, 1900-1918, 5—141. MEYER, EUGENE. Appointed to War Finance Corporation, 4—364. MICHIGAN. Laws— Acceptances, 3—531. Purchase of Federal Reserve Bank stock, 1—152. Reserves, 3—-778. List of State member banks, 4—93. MICHIGAN BANKS. Hearing. Redistricting petition, 2—373, 438. Petition dismissed, 2—596. (See Redistricting.) MICHIGAN SUPREME COURT, APPEAL FROM. Bank v. Fellows, United States Supreme Court, 3— 254, 504, 534. Sustains constitutionality of section 11 (k). Text of decision, 3—534. (See Fiduciary powers.) MILAN. (See Italy.) MILEAGE, NET-TON. (See Railroads.) MILITARY SERVICE. Federal Reserve Board does not favor exemption from, for Federal Reserve Bank clerks, 3—591. MILL PAPER. (See Cotton mill paper; Cotton factors.) MILL SUPPLIES. Terms of sale, 6—154. MILLER, DR. A. C. Addresses— Cost of living, 5—915. Rationing of industry, 4 —923. St. Louis Clearing House Association, 2—261. Visits Federal Reserve Bank of Minneapolis, 2—438. Visits Federal Reserve Bank of San Francisco, 3—340. MILLET SEED. Eligibility of paper based on, 2—526. MILLINERY. Terms of sale, 6—808. MILLING, FLOUR. (See Flour milling.) MILLS, A. L. Elected to Federal Advisory Council, 5—201. MINERALS. (See Business conditions.) MINERALS UNMINED. Paper based on, not eligible, 1—126. MINIMUM CAPITALIZATION, FEDERAL RE¬ SERVE BANKS. Reduction below, caused by withdrawals of members will not cause forfeiture of charter, 2—207. MINIMUM DEPOSIT. Of United States bonds with Treasurer of United States. Suggested amendment, 3—100. [Enacted into law, Act of June 21, 1917, amending section 17, Federal Reserve Act.] (See National banks; United States bonds.) MINIMUM. ELIGIBLE PAPER REQUIRED. (See Federal Reserve Agents; Accounts.) MINING. (See Business conditions.) MINING, GOLD. (See Gold, production; Reports.) MINNEAPOLIS, FEDERAL RESERVE BANK OF. Resignation of Gov. Wold, 5—919. Election as governor of R. A. Young, 5—919. MINNESOTA. Adopts negotiable instruments act, 4 —971. Laws— Acceptances, 3—531. Reserves, 3—780. List of State member banks, 4 —93. MISSISSIPPI. Has not adopted negotiable instruments act, 4—108, 971. Domestic bankers acceptances against shipments authorized, 6—701. Laws— Acceptances, 3—531. Admission to Federal Reserve System, 1—152; 4—315. Bankers’ acceptances, 6—701. Reserves, 3—780. To prevent Federal Reserve Banks from collect¬ ing checks over counter, 6—387. United States district court sustains Federal Reserve Banks, 6—496. United States Circuit Court of Appeals sus¬ tains Federal Reserve Banks, 6—1303. (Pending before United States Supreme Court.) (See Opinions, counsel.) Warehouse, 1—261. INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. 155 MISSISSIPPI— Continued. List of State member banks, 4—93. Notes falling due on legal holidays or Sundays are payable on next preceding business day, 4—108. State banks. ( See supra. Laws; Admission.) MISSOURI. Laws— Acceptances, 3—531. Admission to Federal Reserve System, 1—152. Amendments to banking laws, 5—744. Foreign banking corporations, 5—57. Reserves, 3—780. Warehouse laws, 1—261. List of State member banks, 4—94. National banks— May exercise fiduciary powers in, 5—655. Superintendent of banking must receive deposits of securities from, 5—655. When authorized to exercise fiduciary powers in, may use words “trust company” as part of title, 6—497. MITCHELL, J. R. Retires from Federal Advisory Council, 5—201. (Appointed a member of the Federal Reserve Board, May, 1921.) MITCHELL, Dr. W. C. Index numbers. Production, 5—336. MITTELDEUTSCHE CREDIT BANK. Condition, 1914-1919, 6—1051. MOEHLENPAH, H. A. Appointed a member of Federal Reserve Board, 5—918. Term expires, 6—911. MONCURE, J. A. Appointed Class C director, Richmond, 3—7. MONETARY AND BANKING STATISTICS. Changes in price level compared with movement of gold, Federal Reserve notes, etc., 1914-1919, 5—838. MONETARY COMMISSION, UNITED STATES. Report on purchase of silver, 1898, 4—397. MONETARY SYSTEM. Brazil, 6—814. Chile, 6—1052. Cuba, 6—1164. Scandinavian, 6—35. (See principal nations by name.) MONEY. Business. Short supply of money for, 5—524. Call loans against acceptances, 4—805. Call money— Federal Reserve Agent, New York. Memoran¬ dum on, 6—369. Federal Reserve Board to Congress on, 6—345, 369. New York rates, 5—429 , 524, 617; 6—345, 368, 369, 942. (See Call money.) Circulation In. (See infra, United States.) Cost of shipment, 5—27, 133, 723. Federal Reserve Bank notes. (See same.) Federal Reserve notes and inflation, 5—699. Gold. (See same.) M O NE Y —Continued. Hoarded, 300 millions of, returned to banks since armistice, 5—616. Inflation, 5—8, 102, 409, 524, 614, 699, 813, 913; 6— 113,116, 217, 221, 448, 553, 555, 665, 774, 897, 1013, 1124. (See Inflation.) Joint custody, Federal Reserve Agents and Federal Reserve Banks, 3—615, 691. Kinds of. (See National banks.) New York. Call loan rates. (See Call loan rates.) Notes and bills payable in exchange are not payable in, and are not negotiable, 2—459. Paper currency outstanding. (See infra, United States.) Per capita. (See infra, United States.) Volume of, and inflation. (See supra, Inflation.) United States. Money in, 2—212; 3—500, 562; 4— 506, 684, 795, 915, 927, 1042, 1160, 1253; 5—64, 97, 139, 181, 292, 404, 510, 606, 698, 699, 767, 774, 788, 810, 838, 902, 912, 1006, 1043, 1101, 1198; 6—109, 210, 327, 435, 488, 551, 659, 730, 762, 824, 890, 1004, 1121, 1250, 1368, 1917-1920, 6-730, 824. (See also Bullion; Federal Reserve bank notes; Fed¬ eral Reserve notes; Gold; National bank notes; Paper currency.) MONEY AND EXCHANGE. Report, Federal Reserve Agent, New York, 6—231. MONEY, BORROWED. Balances due foreign banks must be classed as de¬ posit liabilities. Otherwise would be, and sub¬ ject to United States Revised Statutes, section 5202, 5—963. (See Acceptances; Borrower; Guaranty.) MONEY COMMITTEE, NEW YORK, 4—935. Suspension of, 5—205. MONEY MARKET. (See Call loan market; Call loan rates.) MONEY ORDER BUSINESS. Federal Reserve Banks can not engage in, 1—127. MONEYS, PUBLIC. (See Public moneys.) MONTANA. Laws— Acceptance, 3—531. Foreign banking corporations, 5—58. Purchase of Federal Reserve Bank stock, 1—153. Reserves, 3—780. List of State member banks, 4—94. MONTEVIDEO. (See Foreign exchange rates.) MONTH, REVIEW OF. (See Review of month.) MONTHLY EXPENDITURES, UNITED STATES. (See Expenses, United States Government.) MORATORIUM. Cuba declares a, 6—1165. MORGAN, J. P. Retires from Federal Advisory Council, 5—200. MORGAN, J. P., & CO. Syndicate for floating foreign loans in United States, 5— 101. 156 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. MORRIS PLAN BANKS. Are “banks” under Clayton Act, 3—527. MOROCCO. Handling of bills of exchange in, 5—457. MORSE, E. R. Elected Class B director, Boston, 3—7. MORSS, C. A. Elected governor of Federal Reserve Bank of Boston, 4—5. MORTGAGE CERTIFICATES. National banks may invest in, of a trust company, secured by other notes in turn secured by real estate. If they are directly secured by real estate mortgages, the limitations of section 24 would apply, 4—30. MORTGAGE LOAN. A note secured by a deed of trust may be discounted by a national bank if maturing within required time and otherwise eligible, 2—679. MORTGAGES. Chattel. ( See Acceptances; Chattel mortgages.) Live stock. (See Agricultural and live-stock paper.) MORTGAGES, REAL ESTATE. State banks may enter Federal Reserve system al¬ though holding real estate, permitted under State law, but can rediscount only eligible paper, 3— 950. (See Real estate mortgages.) MOVEMENT. Crops, 1—180, 258, 259, 260. (See Crops.) Excess reserves (free gold). (See Free gold.) Federal Reserve notes. (See Federal Reserve notes; Interdistrict movement.) Gold. (See same.) Goods. Review 1920, 6—1256. Loans, 6—920. Prices, 1914-1918, 4—504. (See Prices.) Reserves. (See Reserves.) Silver. (See same.) MULE PAPER. Notes of mule and cattle dealers are classed as mer¬ cantile and not as agricultural paper, 1—212. MUNICIPAL BONDS. Purchase of, in open market, 1—221, 268; 2—524. (See Discount and open-market operations; Warrants.) MUNICIPAL EXPENDITURES. (See Capital Issues Committee.) MUNICIPAL LOANS, FOREIGN. Placed in United States, 5—33; 6—689, 901. (See Foreign loans.) MUNICIPAL WARRANTS. (See Warrants.) MUNICIPALITIES. (See Capital Issues Committee.) MURPHY, M. J. Elected Class A director, Philadelphia, 3—7. MUSIC. Terms of sale, 6—1034. MUSICAL INSTRUMENTS. Terms of sale, 6—1034. MUTUAL SAVINGS BANKS. Amendment to Federal Reserve Act suggested— Admission of, 5—50. Admission as associate members, 3—108. Admission to Federal Reserve System. Not eligible for, having no capital stock nor stockholders, 3— 950. Assistance to, through member banks promised in case of withdrawals of deposits in connection with the Liberty loans, 3—498. Director, Class A. Can not serve as director of, 5—53. Directors, interlocking. Person may serve as director of, and also as director of national bank, whether or not in substantial competition, 2—394. (See also Savings banks.) N. NAME, CHANGE OF. (See State banks and trust companies.) NASHVILLE, TENN. Branch bank, 5—821, 919, 1017 (territory); 6—61. Designated as a reserve city, 1—48. NATIONAL ASSOCIATION OF COTTON MANU¬ FACTURERS. Acceptances. Article by secretary of, 4—713. NATIONAL ASSOCIATION OF CREDIT MEN. Circular letter. Abolition of exchange charges, 2— 600. Trade acceptances— Growth of, 4—1193. Resolution, 4—606. To furnish data as to collection conditions in coopera¬ tion with Federal Reserve Board, 5—547. NATIONAL ASSOCIATION OF FINISHERS OF COTTON FABRICS. Report, 6—1145. NATIONAL ASSOCIATION OF RAILWAY AND PUBLIC UTILITY COMMISSIONERS. (See Capital Issues Committee.) NATIONAL BANK, COPENHAGEN. Comparison with Federal Reserve System. (See infra, Condition.) Condition— 1913- 1918, 2-331, 332, 659, 6S2; U-269, 383, 384, 997, 1077. 1914- 1919, 5—464, 1200; 6—488, 1296, 1297. Discounts, 1914-1919, 5—649, 849, 1200. Gold reserves, 1914-1919, 5—649, 849, 1200; 6—488, 1296, 1297. Note circulation, 1914^1919, 5—649, 849, 1200; 6— 488. (See Denmark.) NATIONAL BANK EXAMINERS. Deputy Federal Reserve Agents no longer to be ap¬ pointed as, 2—2. Doughton, J. K., chief examiner, Richmond, 3—748. Higgins, E. F.— Acting chief examiner, Richmond, 3—748. Chief examiner, Atlanta, 3—748. Malburn, W. P., chief examiner, New York, 3—80. Relations with Federal Reserve Banks, 1—15. NATIONAL BANK Ft}R DEUTSCHLAND. Condition, 1914-1919, 6—1051. INDEX-DIGEST OF FEDERAL, RESERVE BULLETIN. 157 NATIONAL BANK NOTES. Act October 5, 1917. Issues of small denominations. No bank to have outstanding more than $25,000 of Is and 2s, 3—837. Circulation— Can not agree to withhold, from. United States Revised Statutes, section 5207, 2—332. By denominations, 4—519. ( See infra, United States.) Cost of transportation, unfit notes. Paid by Treasury, 3—242. Denominations. Circulation of, by, 4—519. Deposits of, with Federal Reserve Banks merely to save cost of forwarding for redemption may be refused, 1—306. Engraved signatures, 4- - 4 23: 5—21, 228, 699. Issues and redemptions, 3—667, 941. Note redemptions. Policy, 1—306. Rechartered. Circulation of. 4—122. Reduction of. (See Federal Reserve notes; Currency expansion.) Reserves. State banks may count, as reserves, if State law permits, 1—318. Security. Can not be taken as, for loans, 2—332. Shipment by express, 1—12. United States bonds— Bank which has reduced circulation by sale of, under section 18, may take out additional circulation against, bought in open market, 2—65, 72. To secure circulation, 4—15, 91. United States. In circulation— Fiscal year 1920, 6—730; 1917-1920, 6—825. In Federal Reserve Banks, Treasury, etc., 4— 506, 684, 795, 915, 1160. 1253; 5—97, 181, 292, 404, 510, 606, 698, 783, 798,810,838, 902,1101, 1106, 1198; 6—109, 210, 327, 435, 551, 659, 730, 762, 825, 890, 1004, 1121. 1250, 1368. (See also National banks; Money in United States.) NATIONAL BANK OF COPENHAGEN. (See supra, National Bank, Copenhagen.) NATIONAL BANK OF ROUMANIA. Gold reserve, 1910-1920, 6—1297. NATIONAL BANKS. (See also Opinions of counsel.) Abstract title business. Can not do, not involved in transactions of bank, 6—385. Acceptance liabilities, 2—670; 3—6, 350, 665; 4—11, 403, 855, 1114; 5—21, 105. 441, 513, 555, 557, 561, 852, 1152; 6—158, 686, 687. Acceptances. (See infra, Guaranty.) Accrued dividends. National bank purchasing assets of another national bank in liquidation not en¬ titled to transfer of its Federal Reserve Bank stock nor to, thereon, 3—117, 199. Act July 12, 1882. (See infra, Circulation.) Act March 4, 1907. (See infra, Circulation.) Act July 17, 1916. May discount notes secured by farm loan bonds issued under, 4—635. Act May 23, 1918. Red Cross contributions, 4—428, 498. Act September 24, 1918. Permits discounts of war paper in excess of 10 per cent limitation, 4—961 at 962. 1055. Act November 7, 1918. Consolidation of national banks, 4^30, 1178. NATIONAL BANKS—Continued. Act March 3, 1919. Rediscounts of war paper over 10 per cent limitation, 5—361, 1055. Act October 22, 1919. Exception to 10 per cent limitation. Loans. Analysis, 5—704, 730, 965 (text), 1055. Administration of trust departments. Regulation F, 1920, 6—699. Administrator, no power to act as, in New York, 4—12. Advertise. Right to, for savings accounts, 1—18. Advisory Committee. Status, Clayton Act, 3—118. Agent to accept drafts. Can not appoint. United States Revised Statutes, section 5190, 6—835. (See, however, Volume 7, Federal Reserve Bul¬ letin, May, 1921, page 547.) (See Acceptances; Guaranty.) Agents. (See Approved reserve agents; Fiscal agents; Insurance companies.) Amendments suggested— Branches. Domestic, 2 —439; 3—100,106 ; 5—21, 966. Insurance companies. Agent for, 2 —440; 3—164. Savings accounts. Reserve against, 5—50. Savings departments. Separate, 5—50. Approved reserve agents. Due from, 3—484. Assets— May purchase, of bank in liquidation and may consolidate, but gives no right to operate branches in United States, 2—74. Vote to sell, is not a vote to liquidate, 2—119. (See supra, Accrued dividends.) (See infra, Liquidate; Liquidation.) Assistance in winning war, 3—351, 372, 748. Attorney General of United States. ( See infra, New York national banks.) Authority to guarantee acceptances— (See Acceptances; Guaranty.) (See also Volume 7, Federal Reserve Bulletin, May, 1921, page 547.) Balances due to foreign banks are individual and not bank deposits, 5—963 at 964. Bills receivable. Borrowing on, limited under United States Revised Statutes, section 5202, to amount of capital stock, 2—112. Borrowed money. (See Acceptances; Guaranty.) Borrower from. (See Borrower.) Borrowers, individual. (See Liquidation; Redis¬ counts.) Borrowing. (See Bills receivable.) Branch. Foreign— Of national bank in Isthmus of Panama may loan on real estate if within 100 miles of branch, under section 24, 3—952. Of national bank in Cuba may loan on growing sugar crop; not a real estate loan, 5—362. Branches. Domestic— Amendments suggested, 2 —439; 3—100, 106; 5—21, 966. Can not operate domestic, 2—74. Comptroller of Currency favors, 4—163, 423. Federal Advisory Council favors, 1—394; 3—106. Purchase of assets of bank in liquidation and con¬ solidation gives no right to operate branches in United States, 2 —74. State banks with branches may be converted into national banks, 1—125. (See Foreign branches.) 158 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. NATIONAL BANKS—Continued. Call. Changes in form of. Reports of condition, 3—604. Capital. Need not surrender proportionate part of, because of reduction of surplus, 1—218. Capitalization. Increase and decrease in, 2—265; 3—603; 4—89; 5—30, 128, 252, 358, 465, 562, 650, 737, 855, 961, 1052, 1153; 6—62, 160, 274, 383, 492. 609, 697, 833, 946, 1064, 1175, 1300. (See also Charters.) Cash in vault— To be reported, together with cash in Federal Reserve Bank as one item, 2—668. To be reported as separate item only occasionally for statistical purposes, 3—604. Central reserve cities. Banks situated in, can not make loans on real estate, 2—609. Certificate of deposit. (See infra, Loans; Usurious.) Charters issued. New, 2—265, 316, 379, 448, 515, 601, 672; 3—20, 115, 167, 266, 374, 450, 520, 603 (year 1917), 604, 678, 747, 864, 942; 4—15, 89, 92, 184, 295, 403, 509, 609, 740, 858, 967, 1099,1197; 5—30, 128, 252, 358, 465, 562, 650, 737, 961, 1052, 1153; 6—62, 160, 274, 383, 492, 609, 697, 833, 946, 1064, 1175, 1300. Charts— Actual and required reserves, 3—483, 484. Deposits, 1914-1919, 5—780, 782. Investments, 1914-1919, 5—780. (See Charts.) Circulation— Limitation of deposits to retire, is not affected by allotments to Federal Reserve Banks under section 18, 2—158. Limit reached March 16,1916, for month of March, 2—156. Limit for April, 1916, reached on April 1, 2—215 United States bonds to secure, 2 —159; 4 —15, 91. Withdrawal from. Agreements involving, are for¬ bidden by United States Revised Statutes, section 5207, 2—332. (See United States bonds.) Clayton Act— 'Act of May 26, 1920, amends, so that private bankers under specified conditions may serve as interlocking directors of member banks, 6—948. Directors of suburban districts of cities are subject to, 5—362. Status of Advisory Committee under, 3—118. (See Clayton Act.) Commissions for directors, 5—253. Comptroller of Currency— Bills of, 4—163, 414 to 434. Favors domestic branches, 4 —163, 423. Reports of condition. Changes in. Form of re¬ ports, 3—604. Reports. Calls for. (See infra, Condition reports.) Reports. Interest earned but not collected, etc. Postponed, 5-—249. Computation of reserves, 2—672; 3—602. (See Reserves.) Condition of national banks doing acceptance busi¬ ness, 5—557. Condition reports, 3—161, 372, 604, 665; 4 —182, 1093; 5—250, 446, 838, 1153; 6-^42, 443, 726. Changes in form of, 3—604. Last report under old reserve requirements, 3—665. NATIONAL BANKS—Continued. Consolidation— Act November 7, 1918, 4 —430, 1178. Gives no right to operate branches in United States, 2—74. Contingent liability— Guaranty of acceptances, 4 —311. (See, however, Volume 7, Federal Reserve Bul¬ letin, May, 1921, page 547.) Philadelphia national banks, 3—6. (See Contingent liability.) Conversion into— State banks, 5—521, 649, 738, 1051, 1155; 6—62, 492, 1063, 1299. State banks with branches may convert into na¬ tional banks, 1—125. Cost of examinations. (See infra, Examinations.) Cost of transportation of unfit notes, paid by Treasury, 3—242. Deposit. Certificates of. (See infra, Loans.) Deposit of securities, Missouri, 5 —655. Deposits, 3—161, 372, 665. 1900-1914, 1—235 ; 2—376. 1913- 1918, 4—337, 502. 1914- 1920, 6—726, 727, 728. Individual, 1914-1919, 5—781, 782, 838. Increase of, 2—376. Insurance by guaranty company permitted, 1—29, 51. Net deposits, 1914-1916, 3—232; 6—726, 727, 728. Nonmember banks. Deposits in, 1—126. Of foreign banks are individual and not bank deposits, 5—963. Of national bank notes in Federal Reserve Banks to avoid cost of transportation for redemp¬ tion may be refused, 1—306. Time deposits, 1914-1919, 5 —781, 782. (See also Deposits; Government deposits; Time deposits.) Deposits to retire circulation. (See supra Circula¬ tion.) Direct liability. Guaranty of acceptances, 4 —311. (See Volume 7, Federal Reserve Bulletin, May, 1921, page 547.) Directors— Fees of, 2—514. National bank examiners no longer to be ap¬ pointed, 2—2. Private bankers can not serve as, 2—394. Changed by act of May 26, 1920, 6—813, 948. Suburban districts. Directors of banks in, of cities are subject to Clayton Act, 5 —362. Discounts, 1913-1918, 4—337, 502. Dividends, 1914-1920, 6—442, 726. On surrendered stock, 2—17. (See supra, Accrued dividends.) Double liability. National banks subject to, as stock¬ holders of Federal Reserve Banks under section 2, 1—273. Edge Act. Foreign corporations, 5 —705, 727, 728, S20, 965, 1056; 6—56 (text). (See Edge Act.) Enemies. Dealings with alien, 3—431. Engraved signatures on national bank notes, 4 —423; 5—20, 21, 228, 629. INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. 159 NATIONAL BANKS—Continued. Examinations of. Payment for, 2—122, 213; 3—374. Excess loans, section 19. Deposits of national banks in nonmember banks in excess of 10 per cent limi¬ tation of section 19, must be reported as excess loans, 1 —126. Executor. No power to act as, in New York, 4—12. Failures, during last 3 and last 33 years, 3 —939. Farm land, notes secured by— May purchase or discount, of any maturity if maturing within five years after acquirement, 2—226. May purchase or discount, already made and make direct loans on same under section 24, 2—120. (See Farm land loans.) Farm loan bonds. May discount notes secured by, issued under act July 17, 1916, 4—635. Federal Advisory Council— Favors domestic branches, 1 —394; 3—109. Favors stock ownership in foreign corporations 1— 394. Federal Reserve Bank stock— Can not deduct value of, in tax return to State for purposes of taxation of member bank stockholders, 1 —315; 3—955. ( See Taxation.) Federal Reserve Banks— Can not cancel stock or refuse cash paid subscrip¬ tions from a bank which has voted to sell assets, as a vote to sell is not a vote to liqui¬ date, 2—119. Cash in vault and with, may be reported as one item, 2—668. To be reported separately only occasionally for statistical purposes, 3—604. No limit to rediscounts with, except the 10 per cent limitation as to individual borrowers, 2— 112, 274, 457. ( See supra, Accrued dividends.) Federal Reserve Board— Circular as to holding political or public offices does not applv to officers of national banks, 2—168. Warning against over investment in foreign gov¬ ernment securities. (See British exchequer notes.) Federal Reserve System. Number of national banks in. ( See Number, etc., principal heading.) FeeB. Directors’, 2—514; 5—253. Fiduciary powers. (See same.) Fire insurance— No power to write, 2—73. Amendment permitting, 2—440. Became law. Act of September 7, 1916, 2—440; 3—164. Regulations, 3—164. Fiscal agents may sell thrift stamps, war saving cer¬ tificates, and United States bonds as, 4—313. Foreign bank deposits are individual and not bank deposits, 5—963. Foreign banking corporations— Act September 17, 1919. Investment in stock of, 5—612, 705, 729, 730, 965 (text). Edge Act, 5—705, 727, 728, 820, 965, 1056 ; 6—56, 1190. (See Edge Act; Federal Advisory Council; Joint stock ownership.) NATIONAL BANKS— Continued. Foreign branches. Loans of. (See Branch, foreign.) Foreign branches of national and other banks, 5—23, 357, 466, 73S, 854 , 962, 1050, 1154 ; 6—272, 606, 944, 1298. (See Foreign branches.) Foreign corporations. Subscription to stockin,5—965. Foreign correspondent, 5—471. (See Volume 7, Federal Reserve Bulletin, May, 1921, page 547.) (See Acceptances; Guaranty; Opinions of coun¬ sel.) Foreign government securities— Holdings of, 3—2, 82, 173, 236, 239; 4—263. Investments in, 3—2, 82, 173, 236, 239. Investments in. Warning, Federal Reserve Board. (See British exchequer notes.) Gold- Holdings, 1914-1916, 3—233; 6—144. Reserves, 1900-1918, 5—140; 1900-1919, 6—144. Government deposits in, 1914-1919, 5—781, 782. (See Government deposits.) Guaranty company. Can insure deposits through a, 1—29, 51. Guaranty of acceptances. A national bank may guarantee acceptances made for it by a foreign correspondent as an incident of its authority to accept, 4—311. (See, however, Volume 7, Federal Reserve Bul¬ letin, May, 1921, page 547.) Guaranty of bank deposits. Can not join Nebraska system of, 1—409. (See Guaranty.) Guardian, can not act as, 1—269; 4—744. Holdings— Foreign government securities, 3—2, 82, 173, 236 239; 4—263. Gold, 1914-1916, 3—233 ; 6—144, 1297. Liberty bonds, 5—428, 441. (See Liberty loans.) United States securities, 5—428, 780. United States treasury certificates— Twenty-three issues, 4—845. 1917-1919, 5—428. (See United States Treasury certificates.) War paper, 5—428, 942; 6—1348. (See War paper.) Increase and decrease of capital. (See supra, Capi¬ talization; Charter.) Increase of deposits. (See Deposits.) Individual deposits— 1914-1919, 5—781, 782, 838. Balances due foreign banks are, and not bank deposits, 5—963. (S-ee Deposits.) Insurance companies— Act of September 17, 1916, 3 —164. As agents of, 2—440; 3—164. Regulations, 3—164. Insurance, fire, can not write, 2 —73. Insurance of deposits by guaranty company, 1—29, 51. Interest earned but not collected. (See Reports.) 160 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. NATIONAL BANKS—Continued. Investments— Foreign Government securities, 3—2, 82, 236, 239. (See British Exchequer notes.) Total investments, 4—337, 502 ; 5—780, 782, 838; 6—726. Trust funds, 5—143. (See Fiduciary powers.) Issues and redemptions. Notes, 3—667, 941. Isthmus of Panama. ( See infra, Real estate loans.) Joint stock ownership. Federal Advisory Council favors, in foreign banking corporations, 1—394. Liabilities, 1914-1919, 5—782. (See supra, Contingent liabilities.) Liability, contingent. (See Contingent liability.) Liability, direct. (See Direct liability.) Liability, double, national banks subject to, as stockholders of Federal Reserve banks under section 2, 1—273. Liberty bonds— Holdings, 5—92, 177, 287, 399, 428, 441, 505, 600, 692, 804, 896, 999, 1095, 1192; 6—329, 438, 764,1005. (See Member bank condition statements.) Loans in excess of 10 per cent limitation of United States Revised Statutes, section 5200, as amended. (See Act of September 24, 1918; Act of March 3,1919; Act of October 22,1919.) Loans on 5—306, 441, 780, 782. Regulations, 5—441. Subscription by. (See Liberty bonds.) Subscriptions to United States Treasury certifi¬ cates. (See United States Treasury certifi¬ cates.) Victory bonds. Holdings, 5—942. (See Victory bonds.) War paper. (See same.) Work of, 4—372. Limitation on retirement of circulation. (See supra, Circulation.) Limitations on loans. Amendment to United States Revised Statutes, section 5200. (See Act of Sep¬ tember 24, 1918; Act of March 3, 1919; Act of October 22, 1919). Liquidate. Vote to sell is not a vote to, 2—119. Liquidated— Accured dividend, 3—117. Dividends, 4—201. Liquidation— May purchase assets in, of another bank. 2—74. May file application to sell United States bonds prior to surrender of stock, although it has voted to go into, 2—170. (See supra, Accured dividends.) Loans— 1913- 1917, 4—337, 502. 1914- 1919, 5—782, 838. 1914-1920, 6—726. By foreign branch on real estate, 3—952. By foreign branch on growing sugar crop, 5—362. National bank notes can not be taken as security for, 2—332. NATIONAL BANKS—Continued. Loans—Continued. On Liberty bonds, 5—306, 441, 780, 782. Amendment to United States Revised Statutes, section 5200. (See Act of Sep¬ tember 24, 1918; Act of March 3, 1919; Act of October 22. 1919.) Regulations, 5—441. Ratio. Reserves to deposits, 1910-1916, 2—506 Real estate. Can not loan on, in central reserve cities, 2—609. United States Revised Statutes, section 5137. Loans acquired under, not within limitations of section 24, 2—606. United States Revised Statutes, section 5200. Amendment. (See Act of September 24, 1918; Act of March 3, 1919; Act of October 22, 1919.) Usurious. Note at highest legal rate with ad¬ ditional note for which a certificate of deposit is given, the certificate being pledged for both notes is, 3—292. War obligations. Loans on, 5—441. (See Farm land loans; Real estate loans.) Minimum deposit, United States bonds. (See infra, United States bonds.) Missouri. Superintendent of banks must receive deposits of securities from. 5—655. (See infra, Title.) Money borrowed. (See Acceptances; Borrower; Guaranty.) National bank examiners— No longer to be appointed as Deputy Federal Reserve Agents, 2—2. Relations with Federal Reserve banks, 1—15. (See National bank examiners.) National bank notes— Engraved signatures, 4—423; 5—21, 229. (See supra, Circulation; Cost of transporation; Deposits.) (See infra, Shipment by express; State member banks.) Nebraska guaranty system. Can not join, 1—409. Net deposits— 1914-1916, 3—232. 1914-1919, 5—428, 838. New York national banks can not act as adminis¬ trator, executor, or trustee in New York, 4 —12. Nonfiduciary powers. Can not exercise, merely because competing State banks are permitted to do so by State laws, 6—949. Nonmember banks. Deposits of, in, 1—126. Note redemption. Policy, 1—306. Number in Federal Reserve System. (See Number.) Number rediscounting at Federal Reserve Banks. (See Discount and open-market operations; Num¬ ber, etc.) Officers of. (See infra, Political offices.) One hundred of largest. Distribution by States, 3—19. Opinions of counsel. (See same.) Payment for examinations, 3—374. (See supra, Examinations.) Percentages, reserve. (See infra, Reserve percent¬ ages.) INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. 161 NATIONAL BANKS—Continued. Philadelphia national banks. Contingent liability, acceptances, 3—6. Policy. Note redemptions, 1—306. Political and public officer. Circular of Federal Pieserve Board does not apply to officers of, 2 —-163. Private bankers can not serve as directors of, 2 —394. [Changed by act of May 26, 1920, 6—813, 948.] Purchase. (See supra, Assets; Liquidation.) Purchase of stock of other banks not permitted but may purchase assets in liquidation, 2 —74. Ratio. Reserves to loans, 1910-1916, 2 —506. Real estate loans. (See Real estate loans; National banks.) Receiver. Can not act as, 1—362. Red Cross, may contribute to. Act May 23, 1918, 4— 428, 498, Redemptions. Issues and, 3—667, 941. Redemption of notes. Policy, 1—306. Rediscounts with Federal Reserve Banks. No limit to, except 10 per cent limitation as to individual borrowers, 2—112, 274, 457. Reduction of surplus. Need not surrender propor¬ tional amount of capital stock because of, i—-218. Regulation F, 1920. Trust department, 6—699. Regulations— Acting as insurance and real estate agents, 3—-164. Loans on Liberty bonds. Amendment to United States Revised Statutes, section 5200, 5—441. Renewal draft. Can not accept, drawn by purchaser and secured at time of original acceptance by bill of lading or warehouse receipt unless renewal complies with law and regulations, 6—65. (See Acceptances, renewal; Renewal.) Reports of condition, 8—161, 372, 604, 665; 4 —182, 1093; 5—250, 446, 838, 1153; 6-A42. Changes in form, 3—604. Last report under old reserve requirements, 3—665. Reports of interest earned but not collected, etc. Call postponed, 5—249. Required reserves. (See infra, Reserves.) Reserve agents. (See supra, Approved reserve agents.) Reserve computation, 2—672; 3—602, 614, 692; 5— 963; 6—3. Reserve percentages, 1914-1916, 3—232. Reserve requirements. Last report of condition under old, 3—665. Reserves— 1914-1916, 3—232, 372. Actual and required, 1915-1917, 3—483, 484. Computation of, 2—672; 3—602, 614, 692; 5—963; 6—3. Foreign branches, 4—-1123. Gold, 1900-1918, 5—140; 6—144. Government deposits. (See Government de¬ posits; Reserves.) Ratio to loans, 1910-1916, 2—506. Savings accounts, 1—73; 211. Savings banks. Suggested amendment, 5—50. State member banks may count national bank notes as, when permitted by laws of State, 1—318. (i See Reserves.) NATIONAL BANKS —Continued. Resources, 1—61; 2—376; 3—161, 174, 603, 665; 4— 17, 70, 90, 182, 372, 1093; 5—250, 446, 838, 1153; 6—442, 443, 726. Sale of assets. (See supra, Assets; Liquidation; Liquidate.) Savings accounts— Reserves, suggested amendment, 5—50. Right to advertise, 1—18. Savings departments for. Suggested amendment, 5— 51. Section 11 (m). (See Ten per cent limitation; Sec¬ tion 11 (m).) Section 13. Amendment of, by act of March 3,1919, permitting rediscounts by Federal Reserve Banks of war paper loans in excess of 10 per cent limitations, 5—361, 1055. Section 18, Federal Reserve Act. (See United States bonds.) Section 19. (See Foreign banks.) Section 24, Federal Reserve Act. (See Branch; Farm land loans; Real estate loans; United States Revised Statutes, section 5137.) Securities. (See supra, Missouri.) Security— Draft drawn on national bank secured by a docu¬ mentary draft drawn by same drawee upon a foreign buyer is eligible for acceptance, 6—610. (See Acceptances, domestic; Foreign branches; Liberty bonds; Security; United States Re¬ vised Statutes, section 5207.) Shipment of notes by express, 1—12. State banks— Conversion of, into national banks, 5—251, 649, 738, 1051, 1155. With branches, 1—125. State laws as to maximum loaning rates apply to, 1—24. State member banks may count national bank notes as reserves if laws of State permit, 1—318. States. Distribution by, of 100 of largest national banks, 3—19. Stock. Double liability on, in Federal Reserve Banks, 1—273. Stock in Federal Reserve Banks. Dividends on, 2—17. (See supra, Accrued dividends.) Stock in other banks. No power to purchase stock of other banks, 2—74. (See Purchase of stock.) Stock in Foreign Banking Corporations. (See Foreign Banking Corporations.) Stock in foreign branches. (See Foreign branches.) Stock. Surrender of. (See supra, Liquidation.) Stock. Taxation of. (See infra, Taxation.) Subscriptions— Liberty bonds. (See Liberty bonds.) United States Treasury certificates. (See United States Treasury certificates.) Suburban districts of cities. (See supra, Directors.) Surplus. Reduction of. Need not surrender propor¬ tional part of capital stock because of, 1—218. Surrender of stock. (See supra, Liquidation; Sur¬ plus, reduction of.) Surrendered stock. Dividends on, 2—17. 37599°—21 11 162 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. NATIONAL BANKS—Continued. Taxation. Can not deduct value of Federal Reserva. Bank stock in return to State for, 1 — 315; 3 — 955. Ten per cent limitations on loans. ( See Ten per cent limitation.) Thrift stamps. May 6ell, as fiscal agents, 4—313. Time deposits, 1914-1919, 5—781, 782. ( See same.) Title. When authorized to exercise fiduciary powers may use words “trust company” in, 6 — 497. Title business, abstract. Can not do, except in con¬ nection with transactions of bank, 6 — 3S5. Transfer agent. Can not act as, 2 — 456. Transfer of stock. ( See supra, Accrued dividends.) Trust department. Regulation F, 1920, 6 — 699. Trust funds— Investment of, 5 — 143. May loan, in accordance with State law unaffected by limitations of section 24, 6—949. (See Fiduciary powers.) Trustee— Can not act as, in New York, 4—12. May exercise fiduciary powers in New York when the State permits competing State institu¬ tions to act. New York Supreme Court, 5—1059. United States bonds— May sell, owned by it to a customer taking back his note secured by the bonds free from limi¬ tations of section 5200, 3—519, 520. (See United States bonds, allotment; United States bonds, application; United States bonds, circulation; United States bonds, fiscal agent; United States bonds, limitations; United States bonds, minimum deposit.) United States Revised Statutes— Section 5137. Loans made under, not subject to limitations of section 24, 2 — 606. Section 5154. Amendment suggested providing for separate savings department, 5—50. Section 5172. Amendment to, authorizing en¬ graved signatures on national bank notes, 4—423 ; 5—20, 21, 228, 629. Section 5190. (See supra, Agent.) Section 5200. (See Ten per cent limitation; United States bonds; United States Revised Statutes, section 5200.) Sec. 5202- Acceptance by a foreign correspondent under guaranty of a, might be treated as money borrowed subject to, 4 — 311. (See Volume 7, Federal Reserve Bulletin, May, 1921, page 547.) Borrowing from another bank on bills receiv¬ able is limited to amount of capital stock, 2 — 112 . Further exception to limitations of. Liabili¬ ties created by indorsement of accepted bills payable abroad actually owned by indorsing bank and discounted at home or abroad, 5—705, 730. Sec. 5207- National bank notes can not be taken as security for loans, 2 —332. Agreements for withholding national bank notes from circulation forbidden by, 2— 332. Sec. 5220. (See supra, Liquidate.) NATIONAL BANKS—Continued. United States securities. Holdings, 5—428, 780. United States Treasury certificates— Holdings, 4—845. 1917-1919, S-428, 942. Subscriptions to six issues in anticipation of Liberty Loan III, 4—558. (See United States Treasury certificates.) Usurious loans, 3—292. (See supra, Loans, usurious.) Value of Federal Reserve Bank stock. (See supra, Taxation.) Vault cash— To be reported with cash in Federal Reserve Banks as one item, 2—668. To be reported separately only occasionally for statistical purposes, 3—604. Victory notes. Loans secured by, an exception to limitations of United States Revised Statutes, section 5200, 5—441. (See Act of September 24, 1918; Act of March 3, 1919; Act of October 22, 1919.) Vote— Must appoint officer to vote for Federal Reserve Bank directors, 6—1178. (See supra, Assets; Liquidate; Liquidation.) War. Assistance in winning, 3—351, 372, 748. War obligations— Holdings, 5—428, 942. Loans on, 5—441. War savings stamps. May sell, as fiscal agents, 4—313. NATIONAL CITY BANK, NEW YORK. Foreign branches, 1 —51; 2 —372 ; 4 —735, 938; 942; 5—738, 854, 1050, 1154; 6—63, 159, 272, 382, 492, 606, 944, 1167, 1298. Cuban branches. Condition. 1914-1919, 6— 1167. Business done by, 4 —735, 942. International Banking Corporation. Permission granted to acquire stock in. Section 25, Federal Reserve Act, 4—937. NATIONAL DEFENSE. (See Council of National Defense.) NATIONAL ELECTRIC LIGHT ASSOCIATION. (See Capital Issues Committee.) NATIONAL ELECTRIC STREET RAILWAY ASSO¬ CIATION. (See Capital Issues Committee.) NATIONAL FARMERS UNION. Warning to, against holding cotton for speculative purposes, 5—1109. NATIONAL GAS ASSOCIATION. (See Capital Issues Committee.) NATIONAL INSTITUTE FOR FOREIGN EX¬ CHANGES. Description of, 4 —594. Regulations, lira exchange, 5—469. Work done by, 5—847. (See Italian Institute of Exchange.) NATIONAL PROVINCIAL AND UNION BANK OF ENGLAND (LIMITED). Condition, 1914-1919, 6—1046. NAVAL STORES. (See Physical volume of trade.) INDEX-DIGEST of federal reserve bulletin. 163 NEBRASKA. Adopts negotiable instruments act, with qualifica¬ tions, 4—971. Guaranty of bank deposits. National banks can not join system of, 1—409. Laws— Acceptances, 3—531. Banking, amendments, 5—567. Foreign corporations, 5—58. Purchase of stock in Federal Reserve Banks, 1— 153. Reserves, 3—782. List, State member banks, 4—94. NEBRASKA BANKS. Redistricting decision, 1—86. NECESSITY FOR SAYING, 4—1, 1047, 1053. (See Conservation.) NEGOTIABLE. (See also Eligible.) Acceptances— Payable at one place as drawn but accepted pay¬ able at another are, unless expressly stipu¬ lated payable nowhere else, 3 —289, 379; 5— 142. Sight drafts accepted payable at a future date are not, 5—566. Bills accepted before signature of drawer are, under negotiable instruments act, 5—1157. Allonge. Notes indorsed on separate piece of paper are, 2—610. Arrival of car. Drafts drawn payable on, are not, 1—219; 4—31, 436, 437. Assignment of open account is not, 2—227. Attorneys’ fees. Negotiability not affected by pro¬ vision in note for payment of costs of collection and, 2—226. Collection charges— Bill payable with, is not, 3—8S0. Unless so drawn as to show that such charges accrue only in case bill is dishonored at maturity, 4—745. Conditions under which bill is, 1—21. Costs of collection. (See supra, Attorneys’ fees.) Discount for prompt payment— Order to pay a net amount after deducting dis¬ count for prompt payment at maturity, but if not so paid to pay full amount without dis¬ count, held to be negotiable, 4—200. Order to pay full amount due, but with provi¬ sion for deduction of discount of 5 per cent, if paid before maturity, not favored because of conflicting decisions as to negotiability, 4—871. Drawee. Bill payable to order of, is not negotiable until accepted and indorsed by drawee, 4—110. Exchange— Bill payable “in exchange” is payable not in money but in inland bills which are property rather than money and is not negotiable. Federal Reserve Banks must not receive checks so payable, 2—457, 459; 3—763. Bill payable “with exchange” is probably nego¬ tiable although there are conflicting decisions. The negotiable instruments act, however, makes such bills negotiable, 2—459; 3—880. Extension without notice. Note containing provi¬ sion for, is of doubtful negotiability and Federal Reserve Banks should decline to take it, 4—1118. NEGOTIABLE— Continued. Government vouchers are not negotiable nor assign¬ able, 4—32. Indorsed on separate piece of paper. Are negotiable, 2—610. Indorser’s exemption. Of genuineness or validity of bill of lading, or as to quality, quantity, etc., of goods covered does not affect negotiability, 3— 457. Inspection of goods. Draft providing for, before ac¬ ceptance, is, 5—468, 472. Interest. Payable with, after maturity is, 3—200; 4— 109. On or before a fixed date— Note payable, is, 2—394. Draft payable “90 days from date or before on 5 days after demand by holder,” is, 3 —291. Sight draft accepted payable at a future date is a qualified acceptance which holder may refuse to take, but if taken the drawer and indorsers are released unless they have authorized, expressly or impliedly, the holder to take it, 5 —565, 566. Waiver of demand, notice, and protest. A note con¬ taining a, is, 1—277; 2—226. (See Acceptances; Commercial paper; Eligible.) NEGOTIABLE INSTRUMENTS ACT. Acceptances may be made before signature of drawer attached, 4—1157. Adoption of— By all States except Georgia, Maine, Mississippi, and Texas, 4—971. California has adopted, 4—1218. Georgia has not adopted, 4 —108. Maine has not adopted, 4 —971. Mississippi has not adopted, 4 —108. Adopted in part— Illinois, 4—971. Nebraska, 4—971. South Dakota, 4—971. Exchange, payable with. Notes, made negotiable, 2—459; 3—880. Payable at a bank. Equivalent to order on bank to pay, 4—971. Payable on or before a date certain. Made negotiable by, 2—394. Sunday or holiday, falling due on— Payable next succeeding business day, 4 —108. Georgia, same, 4 —108. Mississippi, payable next preceding business day, 4—108. NET DEPOSIT AND FEDERAL RESERYE NOTE LIABILITIES, 4—130, 769; 5—67, 137; 773,774. 1914-1919, 5—774. Fiscal year 1920, 6—146, 724, 725. (See Resources and liabilities.) NET DEPOSITS. Federal Reserve Banks, 4 —130, 769; 5—4, 67, 138. 1914-1919, 5—773, 774; 6—146, 724, 725. Decrease in, 5—6. Weekly, 1918, 5—65, 137, 138. Member banks, 4 —665; 5—428, 838, 905; 6-330, 439, 765, 1006. National banks— 1914-1916, 3—232. 1913- 1917, 4—337. 1914- 1919, 5—428, 838. 164 INDEX-DIGEST OF FEDERAL RESERVE BULLETIN. NET DEPOSITS — Continued. Ratio. ( See Member banks; National banks.) State member banks. Ratio of reserves to, 5—005; 6—330, 439, 765, 1006. (See Deposits.) NET EARNINGS. Federal Reserve Banks, 1918, 5 —7, 130, 136, 722, 724, 777; 6—132, 726, 828. (See Earnings.) Ratio to paid-in capital, 5—133; 6—135. German Reichsbank, 1914-1918, 5 — 432. Member banks, 5 —610. 1104; 6 —660, 1251. National banks. (See same; Condition reports.) State member banks, 5 — 188, 610,1104; 6—660, 1251. Must report, to comptroller, 2—114. (Changed by act of June 21, 1917.) (See also Earnings and expenses, Federal Reserve Banks; State banks.) NET LIABILITY, FEDERAL RESERVE NOTES. (See Resources and liabilities.) NET PROFITS. (See supra, Net earnings.) NET SALES. (