Page:Statesman's Year-Book 1921.djvu/549

 BANKING

+ '•7

18,105

Savings Banks

799 Private

1,408 Loan and

Total

m ,

Banks

1,087

620

Banks

Trust

Stock

Mutual

Companies

1,000

1,000

1,000

1,000

1,000

1,000

Dollars

Dollars

Dollars

Dollars

Dollars

Dollars

Liabilities.

Capital stock.

920,211

•»,ia

—

13,334

47:.:*-.

473

Surplus (nnd.

527,019

39,422

334,546

13,046

509,929

!,962

t b e i undivided

profits.

282,599

18,247

1

1 -

102,194

429,473

Dividends unpaid.

38

—

101

4,095

13,370

Individual deposits.

10,873,035

1,349,625

5,1S6,971

169,573

23,664,879

Postal savings de-

posits.

10.705

1,7.-6

1

28

16,133

Due to other banks

and backers.

4S6,t>44

841

no

2,139

454.542

864,282

Other liabilities

1,010,442

32,331

9,408

10,947

714,165

Total.

14,009,781

1,506,413

5,619,017

212,626

v M, U

29,667,85*

There is no Central National Bank in the United States, but the Federal ReserYe Act, adopted on December 23, 1913, set up a Federal Reserve Bank in each of the 12 districts into which the United States is divided for the purpose. The 12 Federal Reserve Banks and their paid-in capital (50 per cent, of the subscribed capital) on December 30, 1920, are shown as follows : —

Paid-in

Pal i-:n

District Federal Reserve Bank ^^ District Federal Reserv< Bank ^^^

1

Boston

•>

New Tork.

3

Philadelphia

4

Cleveland.



Richmond

g

Atlanta.

7

Chicago

of dollars)

St. Louis.

of dollars)

7.71S

8

4,354

9

Minneapolis

3.457

8,485

10

Kansas City

4,456

10,654

11

Dallas

4,098

5.269

12

v ai\ Francisco.

6,927

4,055 13,913

Total

99,770

Every National Bank is required to become a stockholder, to the extent of 6 per cent, of its capital and surplus (of which 50 per cent, must be paid in), in the Federal Reserve Bank of the district in which it is situated. Stite banks and Trust companies may also become member banks under certain conditions. On December 31, 1920, there were 8,168 National Banks members of the Federal Reserve System and 1,489 Member State Banks and Trust Companies giving a total of 9,657 member banks. The largest district was Chicago with 1.423 member banks, the smallest Boston with 439 members.

The Federal Reserve Banks, except for o]>en market purchases, do no banking business with the public, but only with their member banks. They may issue Federal Reserve notes against gold or commercial paper with a minimum gold reserve of 40 per cent. The whole system is under the control of the Federal Reserve Board, composed of the Secretary of the Treasurv and the Controller of the Currency, both exoficio, together with 6ve other appointed members.