Fedelol RcsQntQ Bonk

ofDollos

El PosoHouston

Son Antonio

- ^'* -' rr ' 5'- oi.---_. - -ib.. 1977.-,* - .,tr.rr .. e!*'t W:;;,."i .,4p 1ilr,ffi*I*

dF !

-rL** ANNUAL REPORT

This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)

Confenfs

lntroduction 4Services*Whot's Avoiloble to You

Check Processing 3Currency ond Coin 6Wire Tronsfer 9FiscolAgent '10

Loons 1lSupervision ond Regulotion ti2

Other Seruices ,13

Membership t 4Boord of Directors .16

Chonges in Directors 19Directors 20Officers 22Stotement of Condition 24Eornings ond Expenses 25Volume of Operotions 25District Mop 2E

ErnestT. Boughmon, President, Federol ReserveBonk of Dollos

Io Bonks in fhe Eleventh FcderolRescrve Dislfict:

In discussions lost summer between theCommittee on Membership of the Boord ofDirectors of the Federol Reserve Bonk of Dqllosond representotives of bonking ossociotions inTexos, Oklohomo, Louisiono, ond New Mexico.I become owore thot we hod not done onodequote job of fomiliorizing bqnkers in theDistrict with some of our services. Fronkly, thotsurprised me. I thought bonkers knew qll oboutthe Federol Reserve. But upon checking intothe motter, I found mony bonkers thot werenot knowledgeoble obout the Fed's seosonolloon progrom, its sofekeeping services, ondeven its check collection services. to nome ofew.

This reporl is on otlempt to more fullyinform bonkers obout Federol Reserve services.

lrving A. Mothews, Choirmon of the Boord,FederolReserve Bonk of Dollos

I urge you to reod it. The report moy iell youmore thon you wont to know obout the FederolReserve in the Eleventh District. On the otherhond, it moy touch only lightly on somethingthot is interesting or useful to you. lf you hovequestions ofter reoding this report, write or collme. Better yet. invife me to your bonk or com-munity to give o public occounting on theFederol Reserve, l ' l l welcome the opportunity.

Sincerely yours,

ERNEST T. BAUGHMANPresidenf

Servic?s -Whql's Avoiloblelo You

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Check ProcessingAmericons wrile 35 billion checks oyeor, ond il is onticipoted lhot fhisnumber will double by 1986.

Almost 800 million checksDistrict during 1977.

were processed in the Eleventh

One responsibi l i ty given the FederolReserve System when it wos first estoblishedin 1913 wos to improve the co l lec t ion o fchecks. Much progress hos been mode in thisoreo through the joint efforts of the commer-ciol bonks ond the Federol Reserve. Checkcollection remoins o high priority service. Lostyeor, olmost S14 million wos spent on checkcollection in the Eleventh District, which wosobout 45 percent of our totol operot ingexpenses.

During 1977, we processed olmost 800million checks-on increose of obout 8 percentover 1976. On overoge, we process doily obout950,000 city checks, '1,700,000 RCPC checks,ond 550.000 checks drown on bonks outsidethe Disirict. This volume requires more thon 250employees working on o 24-hour bosis, onimpressive orroy of speciol ized electronicmochinery, ond controcts with tronsportotion

componies linking us to the 1,537 bonks in theDistrict os well os to the other 36 FederolReserve offices throughout the Notion.

At no chorge, o member bonk moydeposit checks poyoble outside its city directlywith its Federol Reserve Bonk or Bronch. TheFederol Reserve processes the checks, presentsthem for collection. ond credits the proceedsto the member's reserve occount.

Most checks ore collected "overnight,"ond the proceeds ore ovoiloble the doy ofterdeposit, Other checks are "some doy" or "lwodoy" items. Funds ovoilobility vories, of course,with the locotion of the bonk on which o checkis drown.

Unfortunotely, not oll checks ore poidupon presentmeni. An essentiolfeoture of theFed's check cleoring system is returning theseunpoid cosh items quickly. This is especiollyimportont in the Eleventh District since unpoid

Linking lhe 33 oulomoledcleoilnghouses operoted by theFederol Reserve inlo o nolionwidesyslem hos been proposed by theBoord of Governors. Conceming lheproposol, the Boord soid "We hope loencouroge lhe use of eleclronic fundfronsfers os o more efficienl ond lesscostly ollernolive lo checkpoymenls."

checks ore more numerous in the Southwestthon in most regions of the country. A doilyoveroge of 52,000 items wos returned unpoidto Federol Reserve off ices in this Distr ict in1977-up 13 percent trom 1976. Since returneditems require speciol hondling, eoch one costsos much os hond l ing obout f i ve regu lo rchecks.

The totol number of checks wri t tenincreoses every yeor ond if the recent onnuolgrowth rote continues, the number will doubleby 1986. This prospect provides o continuingchollenge to both the Federol Reserve qndcommerciol bonks. We ore constontly on theolert for new technology ond procedures toexpedite check collection ond reduce costs.

As we see it, there ore two woys toimprove the poyments mechonism-one,develop more efficientwoys to hondle checks.ond two, develop more convenient ondcheoper woys to moke poyments. We oreworking on ospects of both opprooches,

One improvement wos the estoblishmentof Regionol Check Processing Centers (RCPC).Wifh the cooperotion of commerciol bonks. weorgonized the first RCPC in the District in 1972.RCPC zones hove been exponded ond nowinclude oreqs opproximotely 150 miles oroundDollos ond 100 miles oround Son Antonio. Allof the Houston tenitory outside Horris Countyis served by RCPC. These RCPC focilities hovegreotly increosed our obility to collect checksovernight.

Another improvement wos the estoblish-ment of the North Louisiono Settlement Centerin 1976. Under this orrongement, two bonks inShreveport ond two bonks in Monroe receiveond process items drown on Eleventh DistrictLouisiono bonks in much the some woy os the

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Federol Reserve does. Tronsportotion time isreduced considerobly, ond overnight credit isgronted to Eleventh District Louisionq bonksporticipoting in this progrom. A similor or-rongement is under considerotion for bonks inWest Texos.

Another chonge in 1977 of port iculorinterest to smoll bonks wos on increose in theoverqge number of unsorted cosh i temsollowed in mixed cosh letters. One-doy creditis gronted to member bonks thot hove o doi[overoge of no more thon 5,000 items-increosed from 2,0OO-excluding food stompsond checks pqyoble in the some town os thesending bonk.

We olso see opportunities for cost sovingsond better poyments service through greoteruse of electronic poyments. Federol ReserveBonks hove been tronsferring funds electron-icolly for more thon 50 yeors. In the District, theFederol Reserve Bonk hos cooperqted withcommerciol bonks in recent yeors to estoblishthe SouthWestern Automoted Cleoring HouseAssociotion, ond os ogent for the Associotion,processes ond collects the ACH items. During1977, o monthly overoge of obout 600,000electronic imoges representing o totol of over5200 million were processed in the EleventhDistrict. Approximotely 90 percent of thisvolume wos government poyments, ond thisvolume is expected to increose. The volumeof privote poyments is olso expected toincreose rop id ly os no t ionwide serv icebecomes ovoiloble. The Boord of Governorsof the Federol Reserve System hos proposedthe linkoge of outomoted cleoringhouses intoa no t ionwide sys tem. Cur ren t ly , loco lcleoringhouse ossociotions cleor ond settleelectronic poyments within their respective

An overoge of 2 million checks ore processed doilyon mochines like this one ot the Heod Office.

regions. Under the proposol, ACH tronsferscould be mode notionwide. As o result, directdeposit of poyrolls, util izing ACH focilities, isexpected to develop ropidly, os ore o numberof other types of poyments.

lmproving Treosury check processing isonother oreo of innovotion. Since June 1976.the Federol Reserve Bonk of Dollos hos beenpi lot test ing o Treosury check truncot ionprogrom. Treosury checks ore "truncoted" inthe sense thot the poid checks ore no longerdelivered bock to the Treosurv. Insteod, check

informotion is recorded on mognetic topesond microfilm which ore sent to the Treosuryforprocessing, storoge, ond retrievol. The mojorodvontoges of the truncotion progrom whenimplemented notionwide in 1978 wil l be oreduction in Treosury expense, occelerotion ofTreosury check processing, ond much fosterresponse on odjustments, lt is this lotter feoturethot will be noticed by commerciol bonks,

In the longer term, the Treosury checktruncotion progrom could hove importontimplicotions for commerciol bonking. Trunco-

tion of commerciol bonk checks moy becomefeosible, ond the System is currently cooperot-ing with the Americon Bonkers Associotion ino study of this isue.

This discussion of our check collectionservice ond some of the recent ond proposedchonges necessorily hos been sketchy, We ore

Currency ond Coinlssuonce of lhe $2 billwos designedlo sove lhe Federql Reserve Syslemoboul $27 million ond lhe Treosuryneorly $8 million during the first fiveyeors of use.

Neorly ol l member bonks obtoin theirsupplies of cunency ond coin from the FederolReserve, ond hence, ore fomilior with this serv-ice, Cunency ond coin is provided withoutchorge to member bonks ond of cost to non-members. Bonkers ploce their orders either byphone or moil, Deliveries ond return currencyshipments ore scheduled giving considerotionto bonks' needs ond distonce from o FederolReserve office. City bonks ore served twice oweek qnd country bonks once o week or onceevery two weeks. Speciol service con beorronged to meet unusuol needs,

Lost yeor, we shipped $3.76 bill ion of cur-rency ond coin to bonks-on increose of 10percent over 1976-in 388,000 shipments, Thenumber of incoming shipments wos much

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owore thot the operoting circulors whichdescribe the service in detoil ore numerous,technicol, ond sometimes difficult to interpret,Therefore, we ore working on o simplif iedstotement of policies ond proctices offectingthe collection of checks, which will be ovoil-oble in mid-1978,

The REI high-speed cunency-processor counts,sorts, ond verifies curency.

smoller-49,000-but the dollor volume wosneorly os lorge-$3.65 billion.

All incoming currency ond coin is verifiedond sorted, Fit currency is pockoged for recir-culotion, ond unfit currency is destroyed.

ln 1977 , the Dollos Bonk ond its Bronchessorted ond counted obout 370 million bills,totoling obout $3.5 billion; obout 900 millioncoins, totoling obout S110 million. The volumeof cunency procesed increosed 5 percentover 1976, ond the volume of coin processeoincreosed olmost 9 percent,

The Cosh Deportments ot the FederolReserve offices in the District employed obout100 people lost yeor, High security hondlingof currency ond coin involves costs for voults,security personnel, ond ormored corriers. Theexpenditures in the cosh operotion, includingpurchose of new currency ond coin, wereolmost 56,3 mi l l ion or 18 percent o f to to loperoting expenses.

Counting, sorting, ond pockoging cur-rency ond coin hos olwoys been o lobor inten-sive operotion, but this is now chonging, Neorly15 yeors ogo, the Federol Reserve Systembegon studying the posibility of fully mechon-izing currency processing. About f ive yeorsogo. the relevont technology become ovoilo-ble ond potentiolly cost effective. Develop-ment controcts were negotioted with onumber of monufocturing firms, ond subse-

l n 1977,370 mi l l ion b i l l s , to to l ing obout $3 ,5 b i l l i on . werecounted ond sorted in the Eleventh District,

quently, testing begon on some high-speedcurrency processors. The Fed wonts o mochinethotwill quickly ond efficiently count, sort, ondverify cunency, then pockoge the fit ond des-troy the unfit cunency. Oiher high priority goolsore increosed security ond reduced costs. lnNovember 1975, Recognition Equipment, Inc.,instolled o prototype REI Mork ll high-speedcur rency-hond l ing moch ine in the CoshDeportment of the Dollos Reserve Bonk fortesting ond further development. Mochines ofother monufocturers qre in development ondbeing tested of other Reserve Bonks.

The REI mochine is o foscinoting productof modern technology, lt "tokes in" notes oto rote up to 50,000 per hour, ond os it propelsthem olong o trock, eoch note is counted ondchecked for volidity, fitness, ond denomino-tion. The fit notes ore stropped in 100-notepockoges for recirculotion, ond the unfit notesore shredded ond sold os woste. Counterfeitsore detected ond turned over to the SecretService. Any notes the mochine connot "reod"ore rejected ond processed by hond, Andthrough ol l this, detoi led records ore gen-eroted so eoch bonk's deposit is verified ondouditors ond exominers con follow every stepof the troil.

One benefit of the new high-speed cur-rency processorwill be better ond more consis-tent quolity of recirculoted currency. You moy

hove noticed some deteriorotion in the quolityof currency we hove shipped in post months.This is becouse we hove been counting somecurrency of smol l denominot ions with newmedium-speed processon, which permit someworn or dirty bills to be returned to circulotion,As the Reserve Bonks shift currency processingto the new high-speed mochines, this problemshould be el iminoted.

A lorge port of the expense of mointoin-ing currency quolity relotes to the 51 bill. ltsoveroge life ofter being put in circulotion isobout 18 months. Neorly 3 bi l l ion Si bi l ls orein circulotion, which represents obout 50 per-cent of totol currency in circulotion. Printing,shipping, ond processing so mony $1 bills isexoensive for the Federol Reserve ond theTreosury. lt costs obout 518 to produce o thou-sond bills, regordless of denominotion. In oneffort to reduce expenses, o 52 bill wos intro-duced in 1975. Replocing $1 bi l ls with $2 bi l ls

wos estimoted to sove the government oboutS35 million over the first five yeors. However,the 52 bill hos not goined occeptonce omongbonkers or their customers. qnd most of themsit id le in our voults.

Another proposol to reduce expensesossocioted with the S1 bill is to ploce o smoll51 coin in circulot ion. This hos been underconsiderotion for some time. Since coins rorelyweor out. it would be less expensive in the longrun if o coin were to disploce the S'1 bill.

l n o r d e r t o r e d u c e t r o n s p o r t o t i o nexpenses, we hove encouroged coin swop-ping between member bonks within the somecity in some oreos. The locol tronsportotioncosts ore poid by the Federol Reserve Bonkto ovoid shipping expense to ond from FederolReserve offices, Coin swopping onongementsbetween member bonks ore now in effect inLubbock, Wichito Fol ls, Shreveport , SonAngelo, Fort Worth. Abilene, ond Arlington,

Wire TronsferThe dollor volume of wire lronsfers offunds in lhe Eleventh Distilct lost yeorwos olmost $2.5 lrillion.

Utilizing the Federol Reserve Communi-cotions System, o member bonk moy tronsferfunds from i ts reserve occount to onothermember bonk onyalhere in the country in omotter of minutes. ln 1977 in the Eleventh Dis-tricl, 1,734,781 tronsfers were mode involvingolmost S2,5 tr i l l ion.

Tronsfers ore initioted by o telephone collto our wire tronsfer section. There is no chorgefor tronsfers of 51,000 or more. A number oflorger bonks in the District hove instolled on-line terminols which enoble them to send ondreceive funds more expeditiously. The FederolReserve poys circuit ond line costs for on-lineterminols. Tronsfers initioted on such terminolsflow through the Federol Reserve computers.ond oppropriote occounting entries ore mqdewithout ony "honds on" oction by our stoff.On-line bonks hove the odvontoge of receiv-ing immediote odvice of oll incoming tronsfers.Thir ty-f ive bonks ore now on-l ine with theFederol Reserve wire tronsfer system in the

Member bonks moy tronsfer funds quickly from one port ofthe country to onother on the Federol Reserve Wire System.

Eleventh District, ond more bonks ore beingodded.

Bonks moy olso use the Federol ReserveCommunicot ions System to tronsfer U.S.Government ond government ogency securi-ties, CurrentlV, 16 bonks in the District hovesecurities tronsfer copobility in their on-linelinkup with the Federol Reserve communico-tions network. ln 1977, 45,460 wire tronsfers ofsecurities omounting to over S'125 bill ion weremode through Federol Reserve offices in theEleventh District,

A plon to improve wire tronsfers of fundsomong bonks hos been proposed by theFederol Reserve Boord. Under the proposol,m e m b e r b o n k s c o u l d u s e t h e i r r e s e r v eoccounts to settle wire tronsfers conducted onBonkWire. BonkWire is o communicotions net-work owned by on qssociotion of commerciolbonks which provides interbonk doto com-municotion services between obout 200 bonksthroughout the couniry.

Fiscol AgentThe Federql Reserve System hosresponsibilify to provide o number offinonciol services. Some of lhese orein oreos where the Congress wonledimprovemenls ol lhe lirne il wosconsidering fhe Federol Reserve Aclqnd some resull from lhe FederolReserye's role os fiscol ogent of theU.S. Government.

Federol Reserve Bonks provide sofekeeping focilifiesfor the securities of member bonks.

The Federol Reserve is fiscol ogent for theU.S. Treosury ond os such, services the publicdebt ond mointoins on effective morket inTreosury securities, In performing these func-tions for the Treosury, the Fed olso providescedoin services to member bonks, includingsofekeeping ond the purchose ond sole ofsecurities,

Member bonks outside Federol Reservecities moy sofekeep their securities of theirFederol Reserve Bqnk or Bronch withoutchorge. Procticolly ony type of security.including those of the Treosury, governmentogencies, ond municipolities, moy be held insofekeeping ond serviced by our SecuritiesDeportment. Interest is collected ond creditedto the owning bonk's reserve occount. An"Automotic Credit Plon" went into effect inApril1977 for bonks thot keep municipol bonds

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in our voults. Under the plon, interest is creditedto the owning bonk occording to on ovoilobil-ity schedule rother thon upon octuol receiptof the interest by the Federol Reserve. Theowning bonk receives credit in one doy if cou-pons ore poyoble in Dollos ond in two doyaif poyoble outside of Dollos,

Securities kept in our sofekeeping orereodily ovoiloble to colloterolize Treosury Toxond Loon occounts or loons from the discountwindow, ond for sole, exchonge, tronsfer, orredemption os desired.

Upon the request of o member bonk, theFederol Reserve wi l l purchose or sel l U.S.Government or government ogency securities.Severol competitive bids ore obtoined ond themost fovoroble price ovoiloble in the morketis executed.

LoonsLoon policies ond procedures olFederol Reserve Bqnks hove beenupdoted ond slreomlined.lmpressions honded down fromsomeone's experience 50, 20, ot even'10 yeors ogo moy no longer berelevonl.

The most importont responsibility given tothe Federol Reserve of the time it wos orgon-ized wos the discounting of commerciol poper.It wos through this process ihot the FederolReserve wos to provide on elostic currency forthe country. The discount function, originollyconceived to be the heort of monetory policy,hos long since been substontiolly disploced inthis role by Federol Reserve open morketoperotions-the purchose ond sole of govern-ment securities in the open morket, Nonethe-less, the discount function is still importqnt tomember bonks becouse it ossures them ofoccess to credit inespective of generol creditconditions.

ln 1977,58 member bonks in the EleventhDistr ic i received 476 odvonces from theFederol Reserve for o totol omount of obout$4.2 bill ion. These numbers increosed subston-tiolly over 1976, but were stil l smoll, reflectingthe generolly eosy credit conditions.

Prior to 1973, relotively short-term odjust-ment credit wos the only type of credit, besidesemergency credit, regulorly ovoiloble from theFederql Reserve. In April 1973, o seosonql creditprogrom wos initioted, ond it wos liberolizedin 1976 to enoble more bonks to quolify.

ln 1977, obout 70 percent of the memberbonks in the Eleventh District were eligible forthe seosonol credit progrom. However, fewbonks used it, reflecting in port the generollyeosy credit conditions of lost yeor. In view ofthe cunent low levels of groin ond cottle prices,rising ogriculturql costs, ond the relotively highvolume of ogriculturol loqns in some oreos ofthe District, the demond for seosonol creditin 1978 is expected to increose.

Seosonol credit is ovoiloble for extendedperiods to member bonks thot experience

Our loon deportment mode loons totqling 54.2billion to member bonks in the Eleventh District,

onnuol recurring needs for funds obout thesome time eoch yeor. lt is porliculorly usefulfor smoll bonks in rurol, ogriculturol oreos. Seo-sonol credit con help o bonk provide ode-quote yeor-round liquidity for its community bymoking it eosier to cope with strong seosonolpressures.

Adjustment credit is ovoiloble to o mem-ber bonk to meet temporory requirements forfunds or to cushion more persistent outflowsof funds during on orderly odjustment of thebonk's ossets ond liobilities. Besides odjustmentond seosonol credit, two other types of creditore ovoiloble to member bonks under unusuolcircumstonces reloting to eifher o porticulorbonk or oreo.

The low requires thot oll loons be collot-erolized ond thot loons beoring the regulordiscount rote be secured by U,S. Governmentorfederol ogency obligotions, or eligible com-merciol or ogriculturol poper. Other colloterolwhich is occeptoble to o Reserve Bonk moybe used to secure loons but of o rote of leostone.holf of 1 percent obove the bosic discountrote. The Federol Reserve hos proposed to theCongress thot this penolty rote be eliminotedond thot oll colloterol occeotoble to o FederolReserve Bonk incur the some discount rote. Thiswould further simplify our loon procedures.

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Supervision ond RcaulotionThe Federol Reserve Bonk of Dolloshos lhe responsibility of supervising 32multibonk ond 68 one-bonk holdingcomponies in the Elevenlh Dishict.

lmprovement of the supervision of bonk-ing wos one of the responsibilities ossigned tothe Federol Reserve when it wos orgonized.S ign i f i con t chonges ore cont inuo l l y be ingmode in this oreo. We ore ottempting to pro-vide highly quolified exominers, to explore newexominotion ond monitoring techniques. ondto schedule concurrently the principol on-siteexominotion ond the vorious speciol-purposeexominotions which ore now required.

Over the yeors, the Congress hos possedo greot deol of legislotion offecting bonks. ondresponsibility for interpreting ond implementingmuch o f i t hos been g iven to the Federo lReserve. ln recent yeors, the Fed hos beengiven responsibility to write regulotions iinple-menting o number of the consumer protectionlows. Reflecting the complexity of ihe underly-ing lows, the diversity of interests offected,ond the lo rge number o f c red i t oc t i v i t iesinvolved, these regulotions hove been odmit-tedly complex. To help bonks comply with theregulotions ond to inform consumers of theirlegol rights, o Consumer Affoirs Section hosbeen orgonized in our Bonk Supervision ondRegulotions Deportment.

The Consumer Affoirs stoff conducts semi-nors for bonkers throughout the District, pro-vides speokers on the vorious consumer regu-lqtions. onswers inquiries. provides interpreto-tions, ond visits with member bonks to discusscomplionce procedures required by consumerregulotions.

Much interest hos olso been exhibiteddur ing recent yeors in one-bonk ho ld ingcomponies. The Congress hos ossigned to theFederol Reserve the responsibility of odminis-

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tering the Bonk Holding Compony Act of 1956.Our Holding ComponySupervision Deportmentis responsible for the processing of opplicotionsunder the Act. for the supervision ond inspec-tion of bonk holding componies, ond for otheroctivities reloted to this growing trend in bonkownership in the Eleventh District.

Lows ond regulot ions ore constont lyevolving with chonging circumstonces so onongoing opportunity ond need exist io elimi-note the obsolete, to simplify the complex, toimorove weoknesses, ond to reduce odminis-trotive ond comolionce burdens. In this re-spect. bonkers hove o responsibilify to coll ourottention to problem oreos in the lows ondregulotions. Especiolly useful ore specific sug-gestions for chonges thot would moke theregulotions more undersiondoble. ond hence,more monogeoble to the regulotors, the regu-loted. ond the publ ic,

Other Services"Funclionol Cosl Anolysis is one ofthe best lhings lhe Fed ever did; Iwouldn'l be wilhoul il."

Gene AdomsPresident of lhe FirslNotionol Bonkof SeymourDireclor of FederolReserve Bonk of Dollos

Effective, profitoble bonking requires onoworeness of the costs, revenues, ond profitsof eoch bonking service. Mony bonkers do nothove this informotion reodily ovoiloble, ondeven if they hod it for their own bonk, theywould not hove performonce yordsticks withwhich to compore it.

Since 1966, the Federol Reserve Bonk ofDollos hos provided o Functionol Cost Anolysis(FCA) Progrom for member bonks. FCA provideso comporotive onolysis of profitobility ond costeffectiveness of 12 mojor bonking octivities,

T o p o r t i c i p o t e , b o n k s s u b m i t c o s t ,volume, ond income doto covering the yeor'soctivities. Much of the reouired informotion isovoiloble from regulor bonk reports.

After the doto ore processed of theFederol Reserve Bonk, eoch porticipoting bonkrece ives i t s ind iv iduo l repor t con to in ingdetoiled cost figures for eoch of its bonkingfunctions, Comporisons ore mode with thepreceding yeor ond with bonks of similor sizeond deposit structure. Breok-even onolysesond personnel efficiency meosures ore olsoincluded in the reports.

Informotion from porticipoting bonks isreceived of the Federol Reserve Bonk in Febru-ory; individuol bonk reports ore produced ondsent to porticipoting bonks in April. FederolReserve technicol onolysts ore ovoiloble toossist member bonks in interpreting the resultsfo r the i r bonk . l t i s expec ted tho t in 1977,opproximotely 75 bonks in the Eleventh Districiporticipoted in the progrom.

The Federol Reserve Bonk olso undertokeseconomic reseorch ond public informotionoctivities. Our Reseorch Deportment regulorly

collects bonking, business, ond ogriculturoldoto on the Southwest. Much of this is pub-lished regulorly, ond most of thot which is not,is ovoiloble to bonkers ond others on request.

The Bonk's monogement ond professionolstoff is ovoiloble to soeok on economic ondbonking subjects of bonking ond civic func-t ions.

In subject oreos where we hove expertise,we con ossist with seminors or workshops toserve informotionol needs ond interests ofbonkers ond others in the District,

In Pcrspecfive

The demond fo r f inonc io l serv ices w i l lcontinue to expond. In this respect, finonciolinstituiions in the District hove shown o com-mendoble copocity to odjust to chongingneeds ond opportunities. Further odoptotionwill be colled for if economic opportunities oreto be reo l i zed fu l l y . l t w i l l be the ongo ingresponsibility of the Federol Reserve Systemond the Federol Reserve Bonk of Dollos toprovide olong with sound monetory policy,f inonciol ond regulotory services thot will focili-tote ochievement of the country 's broodeconomic goo ls - fu l l employment , p r icestobility, ond bolonce in internotionql poy-ments, Your odvice ond support in theseundertokings in 1977 hos been much oppre-cioted ond it is solicited in 1978 ond succeed-ing yeors.

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Membership

Membership in ihe Federol Reserve Sys-tem hos been declining ond is o motter ofincreosing interest ond concern. Since '1946,

when 49 percent of oll bonks in the UnitedStotes were members, membership hos nowdeclined to obout 39 percent. Significontly, thepropor t ion o f o l l bonk depos i ts he ld bymember bonks declined during this periodfrom 86 oercent lo 74 oercent, Trends in theEleventh Disirict were similor, These figures donot copture the full flovor of the erosion ofmembersh io becouse no t ionq l bonks orerequired to be members. Stote bonks, forwhichmembersh ip i s op t iono l , hove increos ing lychosen nonmember stotus. Of ihe 1.700 bonkschortered by the vorious stqtes during 1970 to1977, only obout 600 decided to join theFederol Reserve System, During the sqmeperiod, 403 member bonks withdrew frommembership, Moreover, lorge stote bonks hoveincreosingly chosen nonmember stotus.

The Boord of Directors of the FederolReserve Bonk of Dollos views these trends osserious developments. A Directors' Committeeon Membership wos oppointed in 1977, con-sisting of Dr, Chorles Beoird, Choirmon, Shreve-port, Louisiono; Gene Adoms, Seymour, Texos;ond Fronk Junell. Son Angelo, Texos, The Com-

1 4

Fronk Junell, Closs A Director, Federol ReserveBonk of Dollos, Membership Committee

mittee wos directed to study oll foctors offect-ing membership. The Committee decided itneeded to obtoin the views of bonkersthroughout the Eleventh Federol Reserve Dis-tr ict , The leodership of the stote bonkingossociotions of Louisiono. New Mexico, Oklo-homo. ond Texos were invited to discuss withthe Membership Committee the recent trendsin membership, couses of these trends, ondwhot, if onything, should ond could be doneobout them.

In these discussions, it wos quickly ondunon imous ly ogreed tho t o s t rong, v iob le ,broodly bosed Federol Reserve System is in thebest interest of bonking ond the country, lt wosogreed further thot effective monetory policyrequires o substont iol degree of indepen-dence for the Notion's centrol bonk ond thotsuch independence is more likely to be moin-toined if o brood representotion of bonks ofoll sizes, types, ond geogrophic oreos tokeson octive interest in the Federol Reserve Sys-tem. Finolly, it wos ogreed thot cost wos themost importont reoson for the decline in mem-bership.

One key question, then, is how to reducethe cost of reserve requirements to o level otwhich oll bonks thot fovor o strong, effective

Chorles T. Beoird, Deputy Choirmon, FederolReserve Bonk of Dollos, Membership Com-mittee

centrol bonk con offord to be members, Thereore o number of olternotives. The cost of mem-bership could be lorgely eliminoted by reduc-ing reserve requirements to very low levels. Thisview is consistent with studies of the FederolReserve Bonks of Boston, New York, ond KonsosCity. However, this would dilute the effectivecontrol of money ond credit conditions,

The inequity of loying the cost of mone-tory control on one sector of the f inonciolcommunity could be eliminoted by extendingreserve requirements uniformly ond equitoblyto oll institutions thot provide poyments sev-ices. This hos been proposed by the FederolReserve, but hos not received wide supportin the finonciol community or the Congress.

The cost of reserve requirements could bereduced or eliminoted by poying interest onrequired reserve bolonces held of ihe FederolReserve Bonks. This opprooch is included in olegislotive proposol cunently before the Con-gres, The mojor objections ore thot it wouldreduce the eornings of the Federol ReserveBonks poid to the U.S, Treosury ond would beviewed by some os o government subsidy tomember bonks.

Another woy to reduce costs would beto outhorize bonks to hold oll or port of their

Gene D. Adoms, Closs A Director, FederolReserve Bonk of Dollos, Membership Com-mittee

required reserves in specif ied governmentsecurities or other eorning ossets. The effectswould be simi lor to o reduct ion in reserverequirements,

Study of membership inequities continuesof ihe Reserve Bonks, the Boord of Governors,ond the Congress. lt is imperotive ond highlyproboble thot oction will be token soon.

Bonking leoders in the District, in ossessingother elements of the membership question,emphosized thot bonks lock sufficient infor-motion to evoluote the cost effectiveness ofFederol Reserve services, This report is oneresponse to their findings.

I t wos olso suggested thot FederolReserve services should be simpl i f ied onds t r e o m l i n e d . D u r i n g r e c e n t m o n t h s , t h emonogement of every deportment of theFederol Reserve Bonk of Dol los ond theBronches of El Poso, Houston, ond Son Antoniohos reviewed its operotions to identify proce-dures thot could be chonged to provide betlerservices or eosier occess to them to memberbonks.

15

Boord of Dircctors

Seoted left to right: Gerold D. Hines, Chorles T. Beoird. lrving A. Mothews. Morgoret S. Wilson. Stondingleft to right: Robert H. Stewort, ll l, Stewort Orton, Gene D. Adoms, Fronk Junell, Thomos W. Henick

Federol Reserve Bonks hove o boord ofnine directors - three Closs A ond three ClossB directors elected by the lorge. medium, ondsmoll member bonks in the Distr ict ; ond threeCloss C directors oppointed by the Boord ofGovernors. Closs A directors ore elected by themember bonks to be representotive of thestockholding bonks ond, os o motter of proc-t i ce , o re usuo l ly oc t i ve o f f i cers o f memberbonks. Closs B directors ore elected by themember bonks to represent the public withdue but not exclusive considerotion to theinterests of ogriculture, commerce, industry,services, lobor, ond consumers. Closs C direc-tors ore oppointed by the Boord of Governorsfo represent the public with due but not exctu-sive considerotion to the interests of ogricul-ture, commerce, industry, services, lobor, ondconsumers. Neither Closs B nor Closs C direc-

1 6

tors moy be officers, directors. or employeesof o bonk, ond Closs C directors ore prohibitedfrom being siockholders of ony bonk. All direc-tors ore selected without discriminotion on ihebosis of roce, creed, color, sex, or notionolorigin. Terms of oll the directors ore three yeors,with one term in eoch closs of directors expiringof the end of eoch yeor,

The Choirmon ond Deputy Choirmon ofthe Boord of Directors ore designoted by theBoord of Governors from the Closs C directorsond the Cho i rmon serves o lso os Federo lReserve Agent, the Boord of Governors' repre-sentotive in the District. He mointoins controlof currency uniil releosed to the Reserve Bonkto be put in circulotion os orders from com-merciol bonks ore f i l led.

Eoch Bronch-El Poso. Houston. ond SonAntonio-hos o seven-member Boord of Direc-

""rlu; l*: , -

tors, three of whom ore oppointed by theBoord of Governors ond four of whom oreoppointed by the Boord of Directors of theFede. ro l Reserve Bonk o f Do l los . Thoseoppointed by the Boord of Governors ore per-sons octively engoged in commerce, ogricul-ture, some other industriol pursuit, or the proc-tice of o profesion, ond moy not be officers,directors, or employees of ony bonk. Of thoseoppointed by the Boord of Directors of theDollos Bonk, three ore usuolly bonkers ond oneis o person who is octively engoged in com-merce, ogriculture, or some other industriolpursuit. All Bronch Directors must reside withinthe tenitory served by the Bronch.

A l ist of the directors of the FederolReserve Bonk of Dollos ond its Bronches ot ElP o s o , H o u s t o n , o n d S o n A n t o n i o o s o fDecember 31, 1977, is shown on poges 20-21.

The officers of the Federol Reserve Bonkond Bronches ore oppointed qnd their soloriesdetermined by the Boord of Directors withinronges opproved by the Boord of Governors.

Appo in tment o f the Reserve Bonk Pres-ident-the Bonk's Chief Executive Officer-ondFirst Vice President is subject to the opprovolof the Boqrd of Governom.

The Boords of Directon of the FederolReserve Bonks of Dollos, Atlonto, ond St. Louisonnuolly elect o member ond on olternotemember of the Federol Open Morket Commit-tee (FOMC). The elected member ond olter-note member ore selected from the Presidentsond First Vice Presidents of those Bonks. TheFOMC, which is composed of the sevenmembers of the Boord of Governors ond fiveelected representotives of the twelve ReserveBo n ks, meets peri odicol ly ond estobl ishes openmorket policy for the Federol Reserve System.

The Boord of Directors oppoints onnuollyo representotive from the District to the FederolAdvisory Council, The Council, which consistsof representotives of eoch of the twelveFederol Reserve Districts. meets of leost fourtimes eoch yeor to odvise the Boord of Gover-

El Poso Bronch Boord, Seoted left to right George V, Jonzen, Josefino A. Solos-Porros, Goge Hollond,Woyne Stewort. Stonding left to righl Arnold B, Peinodo, Jr., A. J. Losee, Reed H. Chittim

1 7

nors on motters of interest to the Boord ondony other motters the Council believes shouldbe brought to the Boord's otiention. Ben F,Love, Choirmon of the Boord ond Chief Execu-tive Officer, Texos Commerce Bonk, NotionolAssociotion, Houston, serued os o member ofthe Federol Advisory Council representing theEleventh Federol Reserve District during 1977,ond he wos succeeded by Jomes D. Berry,Choirmon of the Boord ond Chief ExecutiveOfficer, Republic of Texos Corporotion, Dollos,effective Jonuory 1, 1978.

Every 14 doys, the Boord of Directorsestoblishes the rotes of interest on Reserve

Bonk loons to member bonks, individuols, ondcorporotions other thon member bonks, sub-ject to review ond determinotion of the Boordof Governors, Likewise, every 14 doys of eochregulor meeting of the Boord of Directors orits Executive Committee. there is submitted forrotificotion o report showing the Bonk's bor-rowing octivities since the lost report.

ln oddition to these specific motters, thedirectors hove the responsibi l i t ies generol lyoscribed to bqnk directors ond, olong with theBoord of Governors, provide generol surveil-lonce of the Federol Reserve Bonk,

Houston Bronch Boord. Left to right: P. K. Stubblefield, Bookmon Peters, Gene M. Woodfin, SethW, Dorbondt, Alvin l. Thomos, Not S, Rogers. Not shown in picture:Jereome L. Howord

1 8

Son Antonio Bronch Boord. Seoted left to right: Pete Morqles, Jr., Morsholl Boykin lll, Richord W,Colvert, Stonding left to right: Pot Legon, Leon Stone, John H. Holcomb, Ben R. Low

Chong?s in Direclors

At the Heod Office, the Boord of Gover-nors redesignoted lrv ing A. Mothews, SonAntonio, Choirmon of the Boord ond FederolReserve Agent ond Chorles T. Beoird, Shreve-port, Deputy Chqirmon for the yeor 1978. TheBoord of Governors reoppointed lrv ing A.Mothews for on odditionol three-yeor term oso Closs C director, effective Jonuory 1, 1978.The member bonks in the District reelectedFronk Junell (Closs A), Son Angelo, ond GeroldD, Hines (Closs B), Houston, for oddit ionolthree-yeor terms beginning Jonuory 1, 1978.

At the El Poso Bronch, the Boord ofGovernors oppoi nted Chester J. Kesey, Portner,Kesey Bros. Enterprises, Pecos, Texos, os odirector of thot Bronch for o three-yeor termbeginning Jonuory 1,1978, succeeding GogeHollond, Alpine, Texos, whose term expired. TheBoord of Directors of the Federol Reserve Bonkof Dollos oppointed Cloude E. Leyendecker,President, Mimbres Volley Bonk, Deming, NewMexico, to o three-yeor term os o director ofthe El Poso Bronch, effective Jonuory 1, 1978,

succeeding Woyne Steworl, Alomogordo, NewMexico, whose term expired.

At the Houston Bronch. the Boord ofGovernors reoppointed Gene M, Woodfin,Houston, for on odditionql three-yeor term oso director of thot Bronch, effective Jonuory 1,1978. The Boord of Directors of the FederolReserve Bonk of Dollos oppointed J. Eorl Wil-lioms, Director, Institute of Lobor ond IndustriolRelotions, University of Houston, Houston, to othree-yeor term os o director of the HoustonBronch, effective Jonuory 1,1978, succeedingSeth W. Dorbondt, Conroe, whose termexpired.

At the Son Antonio Bronch, the Boord ofGovernors oppointed John J. McKetto, Jr,, E.P. Schoch Professor of Chemicol Engineering,The Univenity of Texos, Austin, os o director ofthot Bronch for o three-yeor term beginningJonuory 1, 1978, succeeding Morsholl Boykinl l l , Corpus Christ i , whose term expired. TheBoord of Directors of the Federol Reserve Bonkof Dollos oppointed John H. Gorner, Presidentond Chief Execut ive Off icer, Corpus Christ iNotionol Bonk, Corpus Christi, to o three-yeorterm os o director of the Son Antonio Bronch,effective Jonuory 1, 1978, succeeding LeonStone, Austin, whose term expired.

1 9

Dircctors

lrving A. Molhews

Chorles T. Beoird

Gene D. Adoms

Thomos W. HenickGerold D. Hines

Fronk Junell

Slewort Orlon

Roberl H. Sleworl, lll

Morgorel S. Wilson

Goge HollondJosefino A. SolosPoros

Reed H. Chitlim

George V. JonzenA. J. Losee

Amold B. Peinodo, Jr.Woyne Sfeworl

December 31,1977

Federol Reserve Bonk of Dollos

(Choirmon ond Federol Reserve Agent), Choirmon of theBoord ond Chief Executive Officer, Frost Bros., Inc., SonAntonio. Texos(Deputy Choirmon), Publisher, Shreveporl Journol,Shreveport, LouisionoPresident, The First Notionol Bonk of Seymour, Seymour,TexosCottle ond Investments, Amorillo, TexosOrvner, Gerold D, Hines Interests, Houston, TexosChoirmon of the Boord. The Centrol Notionql Bonk of SonAngelo, Son Angelo, TexosPresident, Foley's, Division of Federoted DeportmentStores, Inc., Houston, TexosChoirmon of the Boord, First Internotionol Boncshores.Inc., Dollos, TexosChoirmon of the Boord ond Chief Executive Officer,Scorbroughs Stores, Austin, Texos

El Poso Bronch

(Choirmon), Owner, Goge Hollond Ronch, Alpine, Texos(Choirmon Pro Tem), Executive Director, Bl LonguogeServices, El Poso, TexosPresident, First Notionol Bonk of Leo County, Hobbs, NewMexicoEl Poso, TexosPresident, Losee & Corson, P, A, (o lowyers' professionolcorporotion), Artesio, New MexicoPortner, AVC Development, El Poso, TexosPresident, First Notionol Bonk in Alomogordo,Alomogordo, New Mexico

20

Alvin l. Thomos

Gene M. Woodfin

Seth W. Dobondf

Jerome L. Howold

Bookmon PelelsNot S. Rogers

P. K. Stubblefield

MorshollBoykin lll

Pefe Moroles, Jr.

Richord W. Cqlverf

John H. Holcomb

Pot legonBen R. Low

Leon Sfone

Houslon Bronch

(Choirmon), President, Proirie View A&M University, ProirieView, Texos(Choirmon Pro Tem), Choirmon of the Boord ond ChiefExecutive Officer, Morothon Monufocturing Compony,Houston. TexosChoirmon of the Boord, First Notionol Bonk in Conroe,Conroe. TexosChoirmon of the Boord ond Chief Executive Officer,Mortgoge ond Trust, Inc., Houston, TexosPresident, The City Notionol Bonk of Bryon, Bryon, TexosPresident, First City Notionol Bonk of Houston, Houston,TexosChoirmon of the Boord, Victorio Bonk & Trust Compony,Victorio. Texos

Son Anlonio Bronch

(Choirmon), Senior Portner, Wood, Boykin & Wolter,Lowyers, Corpus Christi, Texos(Choirmon Pro Tem), President ond Generol Monoger,Moroles Feed Lots, Inc,, Devine, TexosChoirmon of the Boord, Notionol Bonk of Commerce ofSon Antonio, Son Antonio, TexosOwner-Monoger, Progreso Hociendos Compony,Progreso, TexosOwner, Legon Properties, Son Antonio, TexosVice President, Commerce North Bonk, NotionolAssociotion, Son Antonio, TexosPresident, The Austin Notionol Bonk, Austin, Texos

Federol Advisory Council Member

Choirmon of the Boord ond Chief Executive Officer, TexosCommerce Bonk, Notionol Associotion, Houston, Texos

Ben F. Love

21

Officcrs

DECEMBER 31,1977

Ernesf I. BoughmonPresident

Roberf H. BoykinFirst Vice President

George C. Cochron, lllSenior Vice President

Horry E. Robinson, Jr.Senior Vice President

Tony J. SolvoggioSenior Vice President

Robed A. BrownGenerolAuditor

Joseph E. BurnsVice President

Rolph T. GreenVice President ond Senior Economic Advise/

C. J. PickeringVice President

W. M. PdtchetlVice President

George F. RudyVice President ond Generol Counsel

Thomos R. SullivonVice President

E. W. Vorlop, Jr.Vice President ond Controller

John C. BlokeAssistont Vice President

J. A. ClymerAssistont Vice President

22

Foresf E. ColemonAssistont Vice President

Amold L. HoyesAsistont Vice President'

Richord D. IngromAssistont Vice President ond Assistont Secretory

Lorry J. ReckAsistont Vice President

Thomos H. RusfAssistont Vice President

NeilB. RyonAssistont Vice President

Jesse D. SondersAssistont Vice President

Sommy I. SchulzeAssistont Vice President

Robert Smith, lllAssistont Vice President ond Secretory

T. E. SprengAssistont Vice President

E. A. Thoxlon, Jr.Assistont Vice President

Coilo M. WorbergAssistont Vice President ond Assistont Controller

Millord E. Sweoll, Jr.Assistont Generol Counsel

Adilon W. ThroopReseorch Officer

C. L. MckAssistont Generol Auditor

El Poso BronchFreddc W. ReedVice President in Chorge

Joel [. Koonce, Jr.Assistont Vice President

Houslon BronchJ. Z. RoweVice President in Chorge

Sommie C. CloyAssistont Vice President

Vemon L. BodeeOperotions Officer

C. O. Holt, Jr.Operotions Officer

Son Anlonio BronchCoil H. MooreVice President in Chorge

Ihomos H. RoberfsonAssistont Vice President

Thomos C. ColeOperotions Officer

Robed W. SchulfzOperotions Officer

1 Retired os of December 31, 1977.

2 Leon W. Cowon, Vice President, resigned effectiveMorch 25. 1977 to occept o position os Executive VicePresident of o commerciol bonk. Effective April 1, 1977,Mr. Hoyes wos elected Assistont Vice President ondossumed supervision of the Regulotions Deportment.

'1,5

Stolemenf of Condition

AsselsGold certificote occountSpeciol Drowing Rights certificote occounlFederol Reserve notes of other Bonks'Coin'Other coshLoons ond Securities:

LoonsFederol ogency obligotionsU.S, Government securities

Bonk premisesOperoting equipmenloOther ossetsI nterdistrict settlement occount

TololAssels

Totol loons ond securities 5,470,065,000 4,754,704,000Cosh items in process of collection 887,588,775 806,060,718

$ 455,76,1,30048,000,000

,2,490,901

23,900,000400,,194,000

5,045,97,1,000

,t,t,537,528

97,052,188290,303,728

57,272,799,420

December 31.4977 1976

s 420,435,20046,000,000

218,342,208

21,374,602

1,937,000322,689,OOO

4,430.078,000

11,660,7352,993,827

72,182,698359,136,915

s6,712,890,903

LiobilitiesFederol Reserve notes in octuol circulotionDeposits:

Member bonk - reserve occountsU.S. Treosury - generol occountForeignOther

Defened ovoilobility cosh itemsOther liobilities

Tofol Liobilities

Iotol deposits 2,44,769,929 2,335,362.870

$4,07,1,753,548

1,922,220,415452,959,4ri0.,|5,439,200

34,.150,904

602,336,08.157,494,562

S7,,156,354,'l20

s3,702,248,269

1,713,142,757572,289,O12

13,199,20036,731,901

523,267,37641,604,788

s6,602,483.303

CopitolAccounfsCopitol poid inSurplus

$ 58,222,65058,222,650

s 55.203,80055,203,800

$ 110,407.600Tolol Accounfs $ l l 300

totol tioOitities

1 Effective Jonuory I , 1977 , Federol Reserve notes of other Bonks were merged into the liobility occount for Federol Reservenotes.

2 Beginning Jonuory 1,1977, the coin previously ref lected in the "Other cosh" occountwos reported os "Coin" ond theremoinder of "Other cosh" wos reflected in "Other ossets".

3 Beginning Jonuory 1, 1977 , "Operoting equipment" wos tronsfened to "Other ossets".

24

Eqrnings ond Exp?ns?s

Cunenf EorningsLoonsU.S, Government securitiesForeign currenciesAllother

TofolCurenl Eornings

s 2,723,#2332,E63,.t3.1

l#,59236,EsE

$335,7E0,243

December 311977 1976

s 475,491311,U3,8U

1,581,13037,928

$313.738,433

Currenf ExpensesCunent operoting expensesAsessment for expenditures of Boord of GovernorslFederol Reserve curTency

Totol 33.E76.3.r8 36,018.869

s 30,594,.164

3,282,1U

s 29,725,1212,333,4003.960,348

Less reimbursement for certoin fiscol ogencyond other expenses

Nef Expenses

,1 ,984,865

s 3.1,891,4Si

1,694,581

s 34,324,288

Profil ond lossCunent net eorningsAdditions to current net eornings:

Profit on soles of U,S. Government securities (net)Allother

Totol odditions

$303,EEE,790

1,4f,3,426

1,4E3,426

s279,414,145

1,6U,866108,644

1,763,510

Deductions from cunent net eornings:Loss on soles of U.S. Government securlties (net)Loss on Foreign Exchonge (net)Allother

Totoldeductions

2,511,69E,.197,523

451,129,t0.E60.32{

1,404,150112,246

1,516,396

Net odditions or deductions (-)Assessment for expenditures of Boord of Governors'Net eornings before dividends ond poyments to U,S. TreosuryDividends poidPoyments to U.S. Treosury (interest on F.R. notes)Tronsfened to surplusSurplus, Jonuory 1

Surplus, December 31

-9,376,8952,ffi,7OO

291,E45,1953,411,215

285,4.15,130

3,0{E,E5055,203,800

s 58,222,650

247,114

279,661,2593,206,262

273,148,947

3.306.05051,897,750

s 55,2m.8mI Assessment for expenditures of Boord of Governors wos reflected in cunent expenses in 1976 ond deducted from nel

eornings i^ 1977.

25

Volume of Operolions

Federol Reserue Bonk of DollosHeod Office ond Bronches Combined

LoonsCunency received ond countedCoin received ond countedChecks hondled:

U.S. Government checksPostol money ordersAl lothef

Collection items hondled:U.S, Government coupons poidAl lother

lssues, redemptions, ond exchongesof U.S. Government securities

Tronsfers of fundsFood stomps redeemed

' Pockoged items hondled os o single item ore counted os one piece.' Exclusive of checks drown on the F.R. Bonks.

Number of Pieces Hondled' Dollor Amount,977

47636/.,420,ti92864,737,974

46,827,3949,849,05.1

796,315,257

l9l,412243,536

'12,356,OO7tl,766,467

t1o8,785,207

1976187

346,920,424794,557,830

48,498,O3410.961,031

739,448,798

229,504130,613

12,238,5731,402,719

121,418,203

t g77

4,228,66r,5403,499,3,14,,100

'l'14,474,533

23,779,176,262474,292,997

360,046,900,966

t124,662,586

252,655,393

91,382,954,9922,420,549,4t 9,4A

446,28ti,276

1976593,889.000

3,205.658.3501U,798,232

23,982,336,102505,858,065

3M,324,958,777

1M,611,770250,436,812

96,837 ,O11,1141,943,679,452,931

496,215,U9

27

Eleventh Federol Reserve Districf