SCHEDULE 18.–Fiduciary powers granted national banks during 1918 in Second District by Federal Reserve Board. Powers granted— Trustee, executor, administrator, registrar of stocks and bonds, guardian of estates, assignee, receiver, committee of estates of lunatics: Asbury Park, N. J., Merchants National Bank. Watertown, N. Y., Watertown National Bank. Powers granted–Trustee, executor, administrator, registrar of stocks and bonds, guardian of estates, receiver: Bridgeport, Conn., City National Bank. Powers granted—Trustee, executor, administrator, registrar of stocks and bonds, guardian of estates, assignee, receiver: Elmira, N. Y., Merchants National Bank. Powers granted—Trustee, executor, administrator, registrar of stocks and bonds, guardian of estates, receiver: Greenwich, Conn., Greenwich National Bank. Powers granted—Trustee, registrar of stocks and bonds: Frenchtown, N. J., Union National Bank. Powers granted-Registrar of stocks and bonds: Paterson, N. J., First National Bank. SCHEDULE 19.—Honor roll of employees in the military or naval service of the United States. Name. Entered sery ice. Branch of service. Do. Do. Aiiken, Harold R. Apr. 6, 1918 Marines. Do. Army. Do. Army. Do. Do. Army. 8,1917 Navy. Army. Do. Do. Do. Do. Do. SCHEDULE 19.—Honor roll of employees in the military or neral service of the United States-('ontinued. Vame. Entered serv ice. Branch of service. Do. Do. Do. Marcus, Warren, ir. Dec. 10, 1917 Do. Navy. Do. Navy. Two of those named above died in the performance of their duty. William Fraser Behan, a cadet flyer, in training at Bay Shore, Long Island, was killed in the fall of a hydroplane, and Luther Oberlin Weaver was among those lost with the United States patrol boat Alcedo, which was sunk by an enemy submarine. SCHEDULE 20.--Schedule showing when the proceeds of items will become available. Immediate credit: New York (Manhattan); when received by 9. a. m. | Baltimore. Pittsburgh. list). New Jersey. *New York. District of Columbia. *Pennsylvania. Rhode Island. Vermont. *Virginia. New llampshire. * Except banks in cities referred to in first column. Banks in † Branch banks. * Except banks in cities referred to in first column, Note. -Two day items we forward on Saturday will be available Tuesday. Four day items we forward Thursday will be available Tuesday and those forwarded Friday and Satur. day on Wednesday. to obtain quickest availability of funds, sort and list checks in accordance with above time schedule, with a separate cash letter for each separate time group. Banks desiring to send checks direct to other Reserve Banks or their branches will please secure from us the circulars showing the territory handled by the branches. JUNE 1, 1915. DISTRICT NO. 3-PHILADELPHIA. R. L. AUSTIN, Chairman and Federal Reserve Agent. INTRODUCTION. The report of the Federal Reserve Bank of Philadelphia for the year 1918 shows a great increase in operations over the previous year, and reflects the effect of the war on financial operations. The easo with which this district absorbed its allotments of the great Government loans and financed the industries engaged in war work, was due to the greater availability of the credit resources of the country made effective through the Federal Reserve system. The banks of the district cooperated with the Government in its financing of the war to the fullest extent possible by loaning freely to subscribers to Liberty bonds, which they were able to do through the rediscounting facilities of the Federal Reserve Bank. RESULTS OF OPERATION. A comparative statement of the condition of the Federal Reserve Bank of Philadelphia is given in the appendix of this report (Schedule 1). The resources of the bank more than doubled during the year and are eight times greater than the figures for the close of 1916. On December 31, 1914, less than two months after the bank opened for business, the resources amounted to $21,501,000. Compared with December 31, 1917, figures at the end of 1918 indicate an increase of $12,068,480 in the gold holdings and an increase of $144,544,990 in the amount of Federal Reserve notes in circulation. The work of gathering in the gold in circulation throughout tho district, which had been begun in the previous year, was continued, and the increase noted above is due largely to this work. The paid-in capital increased $1,420,300 during the year. This was brought about principally by the admission of State banks and trust companies, having combined capital and surplus of $38,812,917. The item “Federal Reserve bank notes” appears in the statement for the first time. Further reference to it is made hereinafter. Net earnings reached the large amount of $3,270,824, or 46 per cent on the average paid-in capital stock for the year. After payment of |
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