PART I.-Report of the Federal Reserve Board, with exhibits__

PART II-Report of Federal Reserve Agents to the Federal Reserve

Board

PART III.-Recommendations of the Federal Advisory Council to the

Federal Reserve Board for years 1915–1918---

1-266

_267-760

__761-870

PART I.

Text of report:

Fiscal agency operations..

Rediscount operations and sales between Federal Reserve Banks__.

Discount policy of the Federal Reserve Board_---

Changes in discount rates_____.

13450

Movement of principal assets and liabilities of all Federal Reserve

Banks

8

Reserve position of the Federal Reserve Banks__

13

Acceptances

Effect of war financing upon the Federal Reserve Banks_

Membership of State institutions___.

Rates of earnings from investments of the Federal Reserve Banks__-

Earnings and expenses of the Federal Reserve Banks..

Banking quarters___

Gold settlement fund___

Proposed international gold fund__

Export of coin, bullion, and currency_

Regulation and control of foreign exchange.

14

18

24

27

28

30

32

35

35

39

Organization, staff, and expenditures of the Federal Reserve Board__

Conclusion

Exhibit C-Statement of condition of Federal Reserve Banks___

117

Exhibit D-Investment operations of Federal Reserve Banks.

Exhibit E-Gold settlement fund_---

154

195

Exhibit F-Clearing operations---

204

Page.

Exhibit G-Certificates of indebtedness----

Exhibit H-Earnings and expenses of the Federal Reserve Banks___.

Exhibit.I-Receipts and disbursements of the Federal Reserve Board____

Exhibit J-State banks and trust companies admitted to membership_---

Exhibit K-Foreign branches authorized____

207

209

216

218

234

Exhibit L-Fiduciary powers granted to national banks_-_.

Exhibit M-Banks granted authority to accept up to 100 per cent of capi-

tal and surplus_----

235

240

Exhibit N-Personnel and salaries:

Salaries of officers and employees of Federal Reserve

Banks.___.

244

Salaries of officers and employees of Federal Reserve

Board ____

247

Salaries of bank examiners___

250

Exhibit O-Directory of the Federal Reserve Board and Federal Reserve

Exhibit R-Amendments to the Federal Reserve Act__.

261

CHARTS.

Federal Reserve notes in circulation and per cent of gold cover therefor__

Movement of earning assets of all Federal Reserve Banks----

Deposit and note liabilities, also cash reserves of all Federal Reserve

Banks-----

101

123

126

Total cash reserves and excess reserves of all Federal Reserve Banks____
War paper and total bills discounted by all Federal Reserve Banks and
The Federal Reserve Banks of New York during 1918__.
Operations through the gold settlement fund___.

127

169

198

PART II.

Reports of Federal Reserve agents to the Federal Reserve Board___.

PART I.

REPORT OF THE FEDERAL RESERVE BOARD,

WITH EXHIBITS.

V